OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 +0.32%) this morning are up and European stocks are up +0.31% as Greek default concerns eased after Greek Prime Minister Tsipras said he was “more optimistic” after deliberations with EU leaders in Brussels. That fueled gains in Greek government bonds and the Greek 10-year bond yield fell back below 12%, the highest since Apr of 2013. Asian stocks closed mixed: Japan +0.43%, Hong Kong -0.38%, China +1.38%, Taiwan +0.13%, Australia +0.41%, Singapore +0.78%, South Korea -0.11%, India -0.73%. Japan’s Nikkei Stock Index rallied to a 14-3/4 year high led by strength in shippers after the Baltic Dry Index, a gauge of the cost of shipping commodities, surged 2.3% yesterday, the biggest gain in 2 months. China’s Shanghai Stock Index soared to a 6-3/4 year high on speculation the government won’t allow economic growth to fall below this year’s target of 7.0%. This has boosted stock trading in China as margin trading surged to an all-time high and new account openings rebounded to the highest level in 3 months. Commodity prices are mixed. Apr crude oil (CLJ15 -1.23%) is down -1.11%. Apr gasoline (RBJ15 -1.22%) is down -1.07%. Apr gold (GCJ15 +0.27%) is up +0.24%. May copper (HGK15 +1.28%) is up +1.11% at a 2-week high on supply concerns after the Freeport-McMoRan Grasberg copper mine in Indonesia, the world’s second-largest mine by capacity, remained shut for a fifth day due to labor disputes. Agriculture prices are mixed. The dollar index (DXY00 -0.32%) is down -0.35%. EUR/USD (^EURUSD) is up +0.28%. USD/JPY (^USDJPY) is up +0.24%. Jun T-note prices (ZNM15 +0.13%) are up +5 ticks.
The yield on the Greek 10-year bond fell back below 12.0%, a 1-3/4 year high, after Greek Prime Minister Tsipras said that he was “more optimistic” after deliberations with EU leaders in Brussels. Tsipras said that Greece will implement its own reforms and that all sides in the EU talks agreed to restore financing of the Greek economy as soon as possible,
