China - PBOC Fixes Yuan Reference Rate At 6.4010 (prev 6.3306) so -1.1% overnight (declining trend). Pboc Yi: Reports Pboc Wants To Devalue Yuan By 10% Are Nonsense and Fitch at this link would agree with this. So yuan still declining but more measured, Asian markets calmer.
Greece - Greek Deputy PM Dragasakis: Greek debt relief is what will make deal viable; agreement has both good and bad measures. Hard not to disagree…see this link. Reform vote in the Greek Parliament and Q2 Greek GDP numbers out today (latter 10am UK)
European supply side reform – ‘France's famous 35-hour workweek is in its death throes…an increasing number of companies are using the country's timid labour reform, introduced this year, to get around the requirement. It doesn't mean the experiment failed, but it has probably outlived its usefulness’. Would agree on all fronts (link here).
Asia – seemingly perpetual need for stimulus in Japan? ‘Japan Gov’t Advisor Hamada: Japan Can Offset Yuan Devaluation By Monetary Easing'. I still don't like the yen...
Death cross – bit of a big yawn overall?!