• US stock market, economy and companies update (July 13, 2015)

    After a marathon all-nighter, Europe and Greece have agreed to negotiate a third bailout deal and equity markets in Europe and the US are seeing solid gains. The EuroSTOXX50 is up 1.7%, the DJIA is up 1.1% and the S&P500 is up 0.86%. European sovereign issues are bid, with yields coming in a bit, while the US 10-year yield is up 4.6% at 2.44%.

    The details of the new plan for Greece as harsh as any proposal seen over recent months, and components of the reforms must be passed by the Greek parliament by Wednesday, setting up a major political hurdle for the new deal. The official communique stated the creditor nations would offer Greece up to 86 billion of three-year funding for tax, pension and labor reforms, more than the nearly 54 billion requested by Athens last week. There will be no haircuts, but the deal held out the prospect of some amount of debt rescheduling. This morning, the ECB reportedly left ELA funding for the Greek banks unchanged at 89B, while the Greeks extended the bank holiday for an indefinite period.

    Prospects for an Iran nuclear deal improved over the weekend, and Iran President Rouhani commented that both sides were very close to signing a deal. No new official deadline was established, but Iran Foreign Minister Zarif said he was ready to keep talking as long as necessary. WTI prices remain rangebound in the $51-53 window, while Brent is bouncing around in the $56-59 range.

    Several sizable merger deals are moving US names this morning. MarkWest Energy Partners LP agreed to be acquired by Marathon Petroleum's MLP pipeline vehicle MPLX LP in a $20 billion transaction. MarkWest holders get $78.64/shr in cash and stock, biased heavily towards the equity component: 1.09 MPLX common units and $3.37 in cash. Automobile electrical components firm Remy is being bought by Borg Warner for $29.50/shr in cash, in a $1.2 billion deal. Jarden snapped up private plastic flatware maker Waddington Group for $1.35 billion.

    ***Looking Ahead***
    - 14:00 (US) Jun Monthly Budget Statement: $50.0Be v $70.5B prior
    - 16:00 (US) Crop Condition Report
    - 19:01 (UK) Jun BRC Sales Like-For-Like Y/Y: No est v 0.0% prior
    - 20:00 (SG) Singapore Q2 Advance GDP Q/Q: 0.9%e v 3.2% prior; Y/Y: 2.5%e v 2.6% prior

    ***Economic data***
    - (IL) Israel Jun Trade Balance: -$1.0B v -$0.9B prior
    - (IN) India Jun CPI Y/Y: 5.4% v 5.1%e

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