Greek latest: Europe leaders edge towards compromise
Euro zone leadership met for more than 10 hours on Sunday—and into Monday—to discuss Greece's final deadline to secure a reform-for-rescue deal.
We'll be updating you throughout your day with essential breaking news, comment and analysis.
Key developments:
=Euro zone leaders summit meeting Brussels
=EC President Donald Tusk says leaders meeting will go on until it "concludes talks on Greece"
2hours ago
Earlier Eurogroup meeting found Greece may need as much as 86 billion euros in aid
Some more detail from IG's note on what to watch on the Dax (paraphrasing here:
S&P 500 futures have been a real backbone behind these calls (and Asian markets) falling 0.8% on open (Dow was down 133 points), but have since recovered nicely on talk of ‘compromise’ and are now in positive territory. Japan and Australia have gone along for the ride.
Watch moves in the German DAX with the index testing the April downtrend. Traders seem to be warming to risk and a close today above 11,432 (the April downtrend) should see a quick spike to 11,600 (June highs) and onto 12,000. I would look at long positions on a closing break of the downtrend. Although given the event risk, I would keep position sizing small.
Weston doesn't get more cheerful:
It seems traders will have wait another 70 odd hours now for the Greek parliament to potentially vote through some very austere measures that could take Greece back to where we were nine months ago.
A sobering note from IG's chief market strategist Chris Weston, who says it doesn't get much tougher than this:
These are extremely difficult conditions for traders to navigate portfolio’s, as tough as I have seen for many years and this can be seen front and centre by just how many times sell-side strategists are changing their call on ‘Grexit
- Steve Sedgwick
@steve_sedgwick#Greek default with restructuring of ALL debts to infinitely longer repayment terms, with a haircut, is the only way this can end, HFE. - 2 hours agoCNBC's Julia Chatterley reporting that her sense after spending weeks in Athens is that Greeks are not blaming Tsipras for the country's position - they believe that the PM has been backed into the current situation by euro zone leaders. She notes that this support may erode once Tsipras has to enact the painful reforms he has promised ...
- Manos Giakoumis
@ManosGiakoumisAnother 4-party meeting between #Greece PM, #GermanyChancellor, #France and #EuroSummit Presidents underway, according to local media. - Meanwhile, Reuters reports that London copper has slipped in line with the weaker euro as the talks drag on and on:Three-month copper on the London Metal Exchange fell 1.3 percent to $5,519.50 a tonne by 0221 GMT, extending small losses from the previous session, but still safely above six-year lows struck last week at $5,240 a tonne. Shanghai Futures Exchange copper sagged 1.7 percent to 40,020 yuan ($6,446) a tonne. ShFE nickel fell as much as 4 percent as it continues last week's wild swings, before settling down 3 percent, and dragging LME copper down 2 percent.
- Some Thomson Reuters FX Buzz to keep help us occupied while we wait ...* USD/JPY, JPY complex gap down early on no Greece deal, rebound then steady.* USD/JPY 121.95 to 122.75, early gap closed, mostly 122.45-60 later.* USD600 mln in 122.45 option expiries help support, US yields, stocks too.* Offers still pre-123.00, USD990 mln option expiries, Japan exporters too.* EUR/JPY gaps down to 135.40 early, rebound later to 136.83, gap closed.* GBP/JPY 189.59-190.40, AUD/JPY 90.42-91.55, NZD/JPY 82.07-73 similarly.ShareLikes13 hours agoWe're in hour 20 of the talks now ...
- source-CNBC
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