venerdì 10 luglio 2015

EU Open Report - 10.7.2015

Good Morning & TGI-F!

1. Who Said What

- Japan Econmin Amari: Chinese Shares in Adjustment Phase, Hoping They Make Soft Landing in Line With Real State of its Economy

- U.S. Stock Futures Jump 1% after Greek Reform Proposals

- Greek Reforms Proposal Sets Primary Surplus Target of 1% in 2015, 2% in 2016

- Greek Reforms Proposal Includes Vat Rate of 23% for Restaurants and Catering

- Greek Reforms Proposal Sets Vat for Hotels at 13%

- Greek Reforms Proposal to Eliminate Vat Tax Breaks for Islands by End 2016

- Greek Reforms Proposal to Raise Corporate Tax In 2015

- Greek Reforms Proposal to Increase Tax on Shipping Companies

- Greek Reforms Proposal Ekas Benefit to be Gradually Phased Out for all Pensioners by End December 2019

- Greek Reforms Proposal to Increase Luxury Tax and Implement Tax on TV Adverts Immediately

- Greek Reforms Proposal says Legislation on a New System of Collective Bargaining to be ready by Q4 2015

- Greek Reforms Proposal Says Will Facilitate Completion of Tenders for Privatisation of Regional Airports, Trainose, Ports of Piraeus, Thessaloniki and Hellinikon

- Greek Reforms Proposal says will Announce Binding Bid Dates for Privatizations of Ports No Later than October 2015

- Greek Reforms Proposal says will Transfer Remaining State Shares in Greek Telecoms Company Ote to the Privatisation Agency

- Greek Reforms Proposal says will raise the Solidarity Surcharge on Income Tax

- Greece Reforms Proposal to Cut Defence Spending by 300mln Euros by 2016 End

- Greece Reforms Proposal says Zero Deficit Clause on Pensions will be Suspended Until Oct 2015 When There will be Pension Reform Legislation

- Greece Reforms Proposal says to Save 1% of GDP worth of Pension Savings in 2016, Curb Early Retirement

- Greece says will Seek Funding to Cover Loan Obligations Totaling 53.5bln Euros until the End of June 2018

2. Calendar

CET Time - Source: Investing.com

3. Asian Equity & FX roundup

The renewed proposals from Tsipras seem to be just what the Troika ordered. Markets are back  into risk-on mode although we are still waiting for the official "approval" which will be decided over the weekend. Again, not a great weekend to carry risk.

Asian equities were higher, and EU stocks are opening higher as well.

Not too much directional clarity intraday on FX, so playing long "hit & run" positions on European Indices might be a little easier today.


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