OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 -0.20%) are down -0.20% and European stocks are down -0.47% after Greek Prime Minister Tsipras said that creditors didn’t accept his government’s proposals for more aid. According to a person familiar with the matter, a new set of measures were sent to the Greek government today ahead of a meeting between Greek Prime Minister Tsipras and the three creditor institutions; the ECB, the IMF and the European Commission. Another negative for European stocks was the decline in German business confidence after the Jun IFO business climate fell more than expected to a 4-month low. Asian stocks closed mostly higher: Japan +0.28%, Hong Kong +0.26%, China +2.48%, Taiwan +0.07%, Australia +0.04%, Singapore +0.35%, South Korea +0.17%, India -0.27%. Japan’s Nikkei Stock Index rallied to a fresh 15 year high after the minutes of the May BOJ policy meeting showed many policy makers want to continue monetary stimulus until Japan’s inflation rate stabilizes at 2%. A rally in shipping stocks also aided gains in Asian stocks after the Baltic Dry Index, a gauge of commodity shipping rates, rose 1.4% to its highest close this year.
Commodity prices are mostly higher due to a weaker dollar. Aug crude oil (CLQ15 -0.05%) is up +0.20%, Aug gasoline (RBQ15 +0.77%) is up +0.59%. Metals prices are stronger. Aug gold (GCQ15 unch) is up +0.08%. Jul copper (HGN15 +0.46%) is up +0.06%. Agricultural prices are weaker.
The dollar index (DXY00 -0.32%) is down -0.24%. EUR/USD (^EURUSD) is up +0.29%. USD/JPY (^USDJPY) is down -0.02%.
Sep T-note prices (ZNU15 +0.10%) are up +2.5 ticks.
Greece’s creditors handed Greece an overhauled set of measures the country must meet in order to receive bailout funds ahead of a meeting today in Brussels between Greek Prime Minister Tsipras and the heads of the three creditor institutions; ECB President Draghi, IMF Managing Director Lagarde and European Commission President Juncker. Eurozone finance ministers will then meet later today in an effort to reach a deal on more aid for Greece before its current bailout expires and 1.5 billion euros in debt payments come due to the IMF on Jun 30.
