• US stock market, economy and companies update (July 10, 2015)

    Global equities are seeing very good gains this morning as enthusiasm about both Greece and China buoys markets. With a solid bid under risk appetite, bonds are selling off, with the 10-year UST up 6.3 basis points to 2.39% and the bund up 17 bps to 0.891%. There has been no impactful economic data on tap, and traders are awaiting Fed Chair Yellen's midday speech. As of writing, the DJIA is up 1.05%, the S&P500 is up 1.07% and the Nasdaq is up 1.32%.

    Late Thursday Greece submitted its new request to the creditors. The package amounts to a third bailout, including 50-60 billion in financing in exchange for a slate of 13-14 billion in tax, pension and other reforms. Analysts point out that this package was even harsher than the one rejected in the referendum. The Greek parliament is due to vote whether to support the new proposals today, ahead of consideration by the Eurogroup over the weekend.

    Financials are leading stocks higher this morning, with Visa and JPMorgan up around +2% each. Note that the June quarter earnings season gets under way in earnest next week, with a full slate of financial reports on tap.

    Talks between Iran and P5+1 powers continued, however there has not been a formal extension of the talks as of yet. Negotiations have taken a decidedly negative tone, with Iran reportedly accusing the P5+1 powers of changing positions. Talks were expected to continue into the weekend. WTI fell very slightly, down more than 1% to around $52.

    ***Looking Ahead***
    - 11:35 (US) Fed's Rosengren to Speak at 7th Annual Rocky Mountain Economic
    - 12:00 USDA World Agricultural Supply and Demand Estimates (WASDE) Crop Report
    - 12:00 (US) Janet Yellen Speaks at the City Club of Cleveland
    - 13:00 (US) Weekly Baker Hughes Rig Count
    - 14:00 (CO) Colombia Central Bank Jun Monetary Policy Minutes


    ***Economic data***
    - (PT) Portugal Jun CPI M/M: -0.1% v +0.4% prior; Y/Y: 0.8% v 1.0% prior
    - (PT) Portugal Jun CPI EU Harmonized M/M: -0.1% v 0.0%e; Y/Y: 0.8% v 0.9%e
    - (PT) Portugal May Trade Balance: -1.0B v -1.0B prior
    - (IN) India Weekly Forex Reserves w/e July 3rd: $364.5B v $355.2B prior
    - (IN) India May Industrial Production Y/Y: 2.7% v 4.0%e
    - (CA) Canada Jun Net Change in Employment: -6.4K v -10.0Ke; Unemployment Rate: 6.8% v 6.9%e
    - (MX) Mexico May Industrial Production M/M: -0.4% v 0.0%e; Y/Y: -0.9% v 0.5%e; Manufacturing Production Y/Y: 0.8% v 1.0%e
    - (US) May Wholesale Inventories M/M: 0.8% v 0.3%e; Wholesale Trade Sales M/M: 0.3% v 0.9%e

    [I]Contributed by Trade The News[/I]
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