Morning Markets: Greek ultimatum unnerves markets
- Brussels: Eurogroup meeting – press briefing at 0900 GMT
- India: Consumer Price Index (1200 GMT)
- Chinese shares climbed 1.1% in opening trade, extending Friday's rise
- The Shanghai Composite was up 3.02% to 3,994.80 (at 0520 GMT)
- China's exports rose 2.8% in June from a year earlier, while imports fell by 6.1%
- The encouraging June figure was the first rise in exports in four months,
- UBS forecasts the AUDUSD to tumble to just 0.70 by year's end
- Euro gaps -0.5% vs USD. Further volatility expected.
- EURJPY hammered by risk aversion, down circa 1%
- Third straight Monday fall for EURUSD in Asia
- EURCHF trading cautiously in 1.0443-77 range
From the Floor
Breaking Greece. “We’ll have to see what this reported deal on Greece is all about but the DAX is already up by 1%,” says Boye.
On the fence. ”Markets are making a bet that external influences – Greece and China – will keep the Fed cautious on rates,” says Hardy.
Get all the latest from Saxo Bank's trading floors in From the Floor, within the hour.
If a deal is done with Greece, then it's risk-on, while failure to resolve the debt impasse will see a massive risk-off – and present a great buying opportunity, writes Kay Van-Petersen.
Debt restructuring on its own will not return Greece’s economy to a growth path, says Max McKegg. What it really needs is a decline in the real effective exchange rate.
Indian CPI is expected to tick slightly higher today and James Picerno asks whether this will threaten the emerging South Asian country's status as the world’s growth leader.
All eyes are focused on Greece, with the European Union having given it 72 hours to win its trust by passing bailout laws. Max McKegg scans the FX implications and spots a possible recovery opportunity in EURUSD.
Man in the middle: Alexis Tsipras flanked by Angela Merkel and Francois Hollande at last night's Eurozone leaders' emergency summit. Photo: European Council
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