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  • Article / Yesterday at 13:00 GMT

    Puerto Rico gives America its own debt crisis

    Managing Partner / Spotlight Group
    United Kingdom
    Puerto Rico gives America its own debt crisis
    Puerto Rico's debt now exceeds $70 billion and the US territory had its credit rating downgraded. There are a number of parallels with Greece, especially with regard to ineffective and inefficient tax collection. Its governor has stated the territory cannot service its debt for much longer.
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  • Squawk / Yesterday at 9:26 GMT
    Principal / MacroPacific
    Australia
    The purpose of any third bailout package may not be another pretend & extend exercise, rather a one-off exercise to ease Greece's formal withdrawal from the Eurozone. The prospect of Greece out of the eurozone means German & French taxpayers are no longer on the hook to prop up Greece's chronically failing economy. As a result EU creditors may be more inclined to fund a one-off liquidity injection into Greek banks over a period of one to 2 weeks while Greece transitions to the drachma. Given its geopolitical importance, it is hard to see the US stand aside and allow Greece's banks & economy collapse. Perhaps the analysis released by the IMF mid-week - which acknowledged the need for large scale debt write-offs - is reflecting thinking in the US Treasury?
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  • Calendar event / Yesterday at 7:15 GMT

    CH CPI

    forecast
    actual
    Med Consumer Price Index MoM
    +0.1%
    Med Consumer Price Index YoY
    -1.2%
    -1%
  • Editor’s Picks / Yesterday at 6:02 GMT

    No vote means bank failures, more poor leadership

    Business Spectator
    At least one, if not all, of the major Greek banks are likely to fail early this week. When this happens, the Greek economy will essentially come to a halt. Nobody knows what will happen, but it surely won’t be good. The other depressing consequence is that finance minister Yanis Varoufakis won't have to carry out his promise to resign. Syriza representatives have been miles out of their depth from the time they took office. Everyone with real knowledge and experience of financial markets and liquidity crises told the Greek government to stop playing chicken with the IMF and ECB. They should start listening immediately.
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  • Squawk / Yesterday at 5:41 GMT
    RISK Manager / DAYTRADE-PROFIT.COM
    Israel
    China markets :The same pattern as 2007-2008......
    hanghai shares closed down nearly six percent Friday, lost almost 30 percent from the pick on June 15,200 points
    china's government relaxing rules on margin trading have failed to arrest the declines, margin loans have increased more than fivefold in a year to 2.2 trillion yuan ($350 billion)." china's securities regulator has pledged to crack down on market manipulation after rumors that foreign short-sellers were behind recent share price plunges.
    We see all the time that china markets has no natural behavior like other markets, the government constant attempts to intervene and prop up the bubble. ,meanwhile is not for the "good side"

    From the technical view: the support area stay on 3400 points , 3850 points are important level (high vol) ,resistance level at 4200 points - break above will lead the index higher, if it’s the same situation as 2007-8 so I'm expect for more Soaring before the collapse.
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  • Editor’s Picks / Yesterday at 5:01 GMT

    Rice prices to soar as drought deepens

    Nikkei Asian Review
    Heat waves and drought have gripped South and Southeast Asia as El Nino has taken hold for the first time since 2009. It has brought heavier rainfall to the Americas and a hotter, drier summer to Asia. That is bleak news for rice production and exports as the three nations suffering from the drought – India, Vietnam and Thailand – are also the world's top exporters. The grain is the world's third-biggest crop after sugar cane and corn. Agriculture is feeling the impact of hotter summers. Global rice production fell 0.5% to 741.3 million tonnes in 2014 due to warmer weather, says the UN Food and Agriculture Organization.
    Read article on Nikkei Asian Review
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