Eurozone leaders’ summit ended on a cautious note. Another summit has been called for Sunday, with a deadline for tomorrow set for detailed proposals from Greece.
Key comments from the press conference:
*RENZI CONFIDENT TSIPRAS WILL PRODUCE A CREDIBLE, GOOD PLAN
*SOME EU LEADERS WERE 'MUCH MORE RIGID' THAN LAST TIME: RENZI
*TUSK SAYS EU HAS FIVE DAYS LEFT TO FIND AGREEMENT ON GREECE
*HOLLANDE: NO MORE TIME TO LOSE, CALENDAR HAS BEEN FIXED
*MERKEL SAYS ECB BRIEFING SIGNALED GREECE NEEDS SUNDAY DECISION
*HOLLANDE: MEDIUM-TERM PLAN TWINNED WITH SHORT-TERM FINANCE
*MERKEL SAYS SCOPE OF GREEK PROGRAM WIDER THAN PREVIOUSLY SEEN
*MERKEL SAYS GREEK PROPOSALS MUST GO BEYOND INSTITUTIONS' TEXT
*MERKEL TO INSIST ON 'PRIOR ACTIONS' FOR START OF GREEK TALKS
*MERKEL RULES OUT DEBT 'HAIRCUT'
*TUSK: WE CAN'T EXCLUDE THE `BLACK SCENARIO'
*TUSK: WE NEED TO DISCUSS CONSEQUENCES FOR ENTIRE EURO ZONE
*MERKEL SAYS SHE ISN'T 'ESPECIALLY OPTIMISTIC' ABOUT GREECE
Finally, deadlines have been set for Greece, and the Euro (and EU equities) dipped as last night s meetings appeared to offer little progress once again. The emergence of a roadmap for the next several days may have helped feed into this stabilization, with tomorrow marking the deadline for a detailed proposal from Greece and Sunday's Eurogroup meeting the deadline for a decision - which will also force the ECB to reconsider it's support for Greek banks. Again, until there is a binary outcome available, traders and investors alike will shy away from taking positions in the Euro. However, what's happening is very much negative, so the path of least resistance is still downwards.
1. Who Said What
- China PBOC – To help China Sec Finance Corp get sufficient liquidity, guard against systemic regional financial risks, closely monitor stock market.
- China Sec Finance Corp – Panic noted in market, big increase in irrational sales, closely monitoring situation, to provide adequate liquidity for brokerages, step up purchases of medium-small caps – Xinhua, Reuters.
- German Chanc Merkel - ECB to keep Greek banks afloat till Sunday – Reuters.
2. Calendar
CET Time - Source: Investing.com
3. Asian Equity & FX Roundup
Asian equities continued lower, with Shanghai down 3.8% despite an initial drop of 8% (!). The PBOC is active, attempting to cushion the blow to the stock market but this is a bubble that needs to burst. Nikkei was down 2.2% and the ASX down 1.8%.
Jpy complex was bid during asia in a typical risk-off scenario, as Crude and Gold also continue their declines.
Lots of trendiness appearing this week. AudUsd and AudNzd, NzdUsd and NzdJpy, Crude and it's FX counterpart: CadJpy.
(chart sources: FXCM Marketscope)
Good Luck today!
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