Economic data
- (PT) Portugal May Retail Sales M/M: 0.2% v 0.7% prior; Y/Y: 1.9% v 3.5% prior
- (PT) Portugal May Industrial Production M/M: 1.2% v 1.6% prior; Y/Y: +3.2% v 0.5% prior
- (IT) Italy May PPI M/M: +0.2% v -0.2% prior; Y/Y: -2.7% v -3.0% prior
- (IE) Ireland Jun Unemployment Rate: 9.7% v 9.7% prior
- (IE) Ireland Jun Consumer Confidence: 102.8 v 98.5 prior
- (US) Goldman Economist Chain Store Sales w/e Jun 26th w/w: +2.2%; y/y: +2.7%
- (ZA) South Africa May Budget Balance (ZAR): -18.5B v -21.8Be
- (PL) Poland Central Bank (NBP) Jun Inflation Expectations Survey: 0.2% v 0.2%e
- (ZA) South Africa May Trade Balance (ZAR): +5.0B v -3.2Be
- (PL) Poland Q1 Current Account Balance: €1.7B v €2.2Be
- (CL) Chile May Total Copper Production: 508.3K v 471.4K prior
- (BR) Brazil May PPI Manufacturing M/M: 0.2% v 0.3% prior; Y/Y: 6.1% v 5.7% prior
- (CA) Canada Apr GDP M/M: -0.1% v 0.1%e; Y/Y: 1.2% v 1.5%e
- (US) Weekly Redbook Sales w/e Jun 26th: 1.7% y/y, Jun MTD m/m: -1.5%; Jun MTD y/y: +1.4%
- (US) Jun ISM Milwaukee: 46.6 v 47.7 prior
- (US) Apr S&P/ CaseShiller 20 City M/M: -0.30% v 0.80%e; Y/Y: 4.91% v 5.50%e; HPI NSA: 177.01 v 175.2 prior
- (US) Jun Chicago Purchasing Manager: 49.4 v 50.0e
- (US) Jun Consumer Confidence Index: 101.4 v 96.7e
Volatility continues to shake global markets this morning as another day brings another round of Greece rumors. In Asia, Chinese stocks closed 5.5% higher, having been as much as 5.1% lower during the session. Yesterday the S&P500 fell more than 2%, coming within points of its 200-day moving average, both the S&P500 and the DJIA erased their gains on the year, while the VIX volatility index rose 34% to 19, the biggest gain since April 2013. Today the VIX remains just shy of 19 while US stocks are still in the green. As of writing, the DJIA is up 0.16%, the S&P500 is up 0.48% and the Nasdaq is up 0.43%.
After multiple Eurozone officials said that the door was still open for a deal, the Greeks have taken them at their word and reportedly asked for a new two-year, €29 billion bailout via the ESM with a parallel debt restructuring. German officials were calling on Athens to cancel Sunday's Greek referendum in order to provide space to examine the new proposal, while Chancellor Merkel indicated there will be no "new developments" on Greece today. Note that the Greeks have already confirmed that they will not be making the IMF payment due today, although for its part an IMF spokesperson clarified that in official document "arrears" will be used to characterize Greece's non-payment rather than "default."
Celgene has acquired a 10% stake in Juno Therapeutics as part of a wide-ranging cancer treatment partnership, paying $93/shr, a premium of around 100% on yesterday's closing price. The massive premium gets Celgene in on Juno's Car-T therapy, which involves extracting a cancer patient's white blood cells, re-engineering them to attack tumors, and then reintroducing them into the body. Shares of JUNO are up ~20% as of writing, well off their premarket highs, as analysts debate whether or not Celgene overpaid for its stake. Several other small biotech names are seeing strong gains, including LBIO and KITE.
Looking Ahead
- 12:00 (CO) Colombia May Urban Unemployment Rate: 10.3%e v 10.5% prior; National Unemployment Rate: No est v 9.5% prior
- 12:00 (US) USDA Quarterly Report
- 13:00 (US) Fed's Bullard (Non voter)
- 15:00 (AR) Argentina May Construction Activity M/M: No est v 4.2% prior; Y/Y: No est v 10.6% prior
- 15:30 (MX) Mexico May YTD Budget Balance (MXN): No est v -121.6B prior
- 16:30 (US) Weekly API Oil Inventories
- 19:00 (KR) South Korea Jun CPI M/M: 0.1%e v 0.3% prior; Y/Y: 0.7%e v 0.5% prior; CPI Core Y/Y: No est v 2.1% prior
- 19:50 (JP) Japan BOJ Q2 Tankan Large Manufacturer Index: 12e v 12 prior; Outlook Survey: 14e v 10 prior
- 19:50 (JP) Japan BOJ Q2 Tankan Large Non-Manufacturer Index: 22e v 19 prior; Outlook Survey: 23e v 17 prior
- 20:00 (KR) South Korea Jun PMI Manufacturing: No est v 47.8 prior
- 20:00 (KR) South Korea Jun Trade Balance: $8.5Be v 6.3B prior; Exports Y/Y: -2.0%e v -10.9% prior; Imports Y/Y: -10.8%e v 15.4% prior (revised from 15.3%)
- 21:00 (CN) China Jun Manufacturing PMI (Official): 50.4e v 50.2 prior
- 21:00 (CN) China Jun Non-manufacturing PMI: No est v 53.2 prior
- 21:35 (JP) Japan Jun Final PMI Manufacturing: No est v 49.9 prelim
- 21:45 (CN) China Jun Final HSBC PMI Manufacturing: 49.6e v 49.6 prelim
- 22:00 (TW) Taiwan Jun Manufacturing PMI: No est v 49.3 prior
- 22:00 (VN) Vietnam Jun Manufacturing PMI: No est v 54.8 prior
- 23:00 (ID) Indonesia Jun PMI Manufacturing: No est v 47.1 prior
- (PT) Portugal May Retail Sales M/M: 0.2% v 0.7% prior; Y/Y: 1.9% v 3.5% prior
- (PT) Portugal May Industrial Production M/M: 1.2% v 1.6% prior; Y/Y: +3.2% v 0.5% prior
- (IT) Italy May PPI M/M: +0.2% v -0.2% prior; Y/Y: -2.7% v -3.0% prior
- (IE) Ireland Jun Unemployment Rate: 9.7% v 9.7% prior
- (IE) Ireland Jun Consumer Confidence: 102.8 v 98.5 prior
- (US) Goldman Economist Chain Store Sales w/e Jun 26th w/w: +2.2%; y/y: +2.7%
- (ZA) South Africa May Budget Balance (ZAR): -18.5B v -21.8Be
- (PL) Poland Central Bank (NBP) Jun Inflation Expectations Survey: 0.2% v 0.2%e
- (ZA) South Africa May Trade Balance (ZAR): +5.0B v -3.2Be
- (PL) Poland Q1 Current Account Balance: €1.7B v €2.2Be
- (CL) Chile May Total Copper Production: 508.3K v 471.4K prior
- (BR) Brazil May PPI Manufacturing M/M: 0.2% v 0.3% prior; Y/Y: 6.1% v 5.7% prior
- (CA) Canada Apr GDP M/M: -0.1% v 0.1%e; Y/Y: 1.2% v 1.5%e
- (US) Weekly Redbook Sales w/e Jun 26th: 1.7% y/y, Jun MTD m/m: -1.5%; Jun MTD y/y: +1.4%
- (US) Jun ISM Milwaukee: 46.6 v 47.7 prior
- (US) Apr S&P/ CaseShiller 20 City M/M: -0.30% v 0.80%e; Y/Y: 4.91% v 5.50%e; HPI NSA: 177.01 v 175.2 prior
- (US) Jun Chicago Purchasing Manager: 49.4 v 50.0e
- (US) Jun Consumer Confidence Index: 101.4 v 96.7e
Volatility continues to shake global markets this morning as another day brings another round of Greece rumors. In Asia, Chinese stocks closed 5.5% higher, having been as much as 5.1% lower during the session. Yesterday the S&P500 fell more than 2%, coming within points of its 200-day moving average, both the S&P500 and the DJIA erased their gains on the year, while the VIX volatility index rose 34% to 19, the biggest gain since April 2013. Today the VIX remains just shy of 19 while US stocks are still in the green. As of writing, the DJIA is up 0.16%, the S&P500 is up 0.48% and the Nasdaq is up 0.43%.
After multiple Eurozone officials said that the door was still open for a deal, the Greeks have taken them at their word and reportedly asked for a new two-year, €29 billion bailout via the ESM with a parallel debt restructuring. German officials were calling on Athens to cancel Sunday's Greek referendum in order to provide space to examine the new proposal, while Chancellor Merkel indicated there will be no "new developments" on Greece today. Note that the Greeks have already confirmed that they will not be making the IMF payment due today, although for its part an IMF spokesperson clarified that in official document "arrears" will be used to characterize Greece's non-payment rather than "default."
Celgene has acquired a 10% stake in Juno Therapeutics as part of a wide-ranging cancer treatment partnership, paying $93/shr, a premium of around 100% on yesterday's closing price. The massive premium gets Celgene in on Juno's Car-T therapy, which involves extracting a cancer patient's white blood cells, re-engineering them to attack tumors, and then reintroducing them into the body. Shares of JUNO are up ~20% as of writing, well off their premarket highs, as analysts debate whether or not Celgene overpaid for its stake. Several other small biotech names are seeing strong gains, including LBIO and KITE.
Looking Ahead
- 12:00 (CO) Colombia May Urban Unemployment Rate: 10.3%e v 10.5% prior; National Unemployment Rate: No est v 9.5% prior
- 12:00 (US) USDA Quarterly Report
- 13:00 (US) Fed's Bullard (Non voter)
- 15:00 (AR) Argentina May Construction Activity M/M: No est v 4.2% prior; Y/Y: No est v 10.6% prior
- 15:30 (MX) Mexico May YTD Budget Balance (MXN): No est v -121.6B prior
- 16:30 (US) Weekly API Oil Inventories
- 19:00 (KR) South Korea Jun CPI M/M: 0.1%e v 0.3% prior; Y/Y: 0.7%e v 0.5% prior; CPI Core Y/Y: No est v 2.1% prior
- 19:50 (JP) Japan BOJ Q2 Tankan Large Manufacturer Index: 12e v 12 prior; Outlook Survey: 14e v 10 prior
- 19:50 (JP) Japan BOJ Q2 Tankan Large Non-Manufacturer Index: 22e v 19 prior; Outlook Survey: 23e v 17 prior
- 20:00 (KR) South Korea Jun PMI Manufacturing: No est v 47.8 prior
- 20:00 (KR) South Korea Jun Trade Balance: $8.5Be v 6.3B prior; Exports Y/Y: -2.0%e v -10.9% prior; Imports Y/Y: -10.8%e v 15.4% prior (revised from 15.3%)
- 21:00 (CN) China Jun Manufacturing PMI (Official): 50.4e v 50.2 prior
- 21:00 (CN) China Jun Non-manufacturing PMI: No est v 53.2 prior
- 21:35 (JP) Japan Jun Final PMI Manufacturing: No est v 49.9 prelim
- 21:45 (CN) China Jun Final HSBC PMI Manufacturing: 49.6e v 49.6 prelim
- 22:00 (TW) Taiwan Jun Manufacturing PMI: No est v 49.3 prior
- 22:00 (VN) Vietnam Jun Manufacturing PMI: No est v 54.8 prior
- 23:00 (ID) Indonesia Jun PMI Manufacturing: No est v 47.1 prior
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD fluctuates near 1.0700 after US data
EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.