EU Open Report - 23.06.2015

China's  HSBC  PMI overnight added to the recent risk-on tone. Equities received a boost yesterday, and overnight, by the "material progress" finally made on a Greek resolution. Apparently, Greece will have to agree on an extension of the current bailout conditions, and Tsipras expects a full deal in the next 48 hours. The markets will finally be able to concentrate on other drivers, once the Greek drama is out of the way.

1. Who Said What

-  Greece offers new proposals to avert default, creditors see hope, EuroGroup   FinMins to approve cash-for-reform package Wednesday, final endorsement by  EZ leaders Thursday – Reuters.

- Japan June flash mfg PMI 49.9, output and new orders off, but new export orders up, strong, future reads important.

- China June HSBC/Markit mfg PMI 49.6

-  Australia Q1 house price index +1.6% q/q, +2.3% eyed, +6.9% y/y still.

- NZ Q2 farmer confidence down, lowest in 9 years, outlook gloomy, 45% negative.

2. Calendar

3. Asian Equity & FX roundup

We have continued with risk-on, indices pushing higher, on positive tone from EU officials and the better HSBC manuf. PMI from China. Dax/Eurostoxx soar, Euro gets dumped as per the usual hedging facility of funds. Hence, Usd up a little. Equities at hey swing points today, whereas Russell & Nikkei clearly climbing. In FX, NzdUsd shorts are the clearest thing to watch.

Good Luck Today!