Greece – now it is Saturday!
'German C’llr Merkel: Saturday Eurogroup Will Be Decisive For Greece' (Bloomberg)
Greece #2 – other headlines of note: clearly material gaps persist…time for the creditors to meet the Greeks in the middle in my view
German C’llr Merkel: No New Money for Greece Beyond Remaining Bailout – BBG
French Pres Hollande: Greece Agreement Is In Sight – BBG
Greek EcoMin Stathakis: Won’t privatize water, electricity and postal services.
Greek EcoMin Stathakis: Doesn’t rule out sale of ports, airports - no willingness on part of creditors to negotiate with Greece.
Greece #3 – inflows!
"Greece Equity Funds continue to attract fresh money. Flows into Greece Equity Funds are on track to hit a 17-week high" (EPFR)
China – so much for that early week optimism, rough day on the Shanghai Composite down over 7% as I write and as Fast FT noted:
'It's down 18.8 per cent from its recent multi-year peak close on June 12 of 5,166.35. This brings it perilously close to bear market territory, defined as a 20 per cent fall from a peak. A bear market would kick in at 4,133.08 points'.
US markets – low vol indicator…to persist? I doubt it
'S&P 500 has gone 174 trading days without falling at least 5% from recent high. longest streak since 2004' (h/t @minzengwsj)
VIX just lifted off the bottom of the range a couple of days ago:
Japan - some better news...
There were 1.19 jobs open for every applicant in May, compared with 1.17 a month earlier, the highest level in 23 years.
...however still no real inflation:
Consumer prices around the country increased 0.5 per cent in May from a year earlier. While this was higher than expectations of 0.4 per cent, it was down from a 0.6 per cent pace in April.
Talk of more stimulus at some time surely...at least to get to the 2% inflation target.