Forecasts about price swings in Yen against the euro are becoming stronger as investors bet that Bank of Japan (BoJ) will also make dovish rhetoric to match European Central Bank (ECB).
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Big European Banks to Report Q2 Earnings This Week
The largest banks in Europe, such as Santander, BNP Paribas, and Deutsche Bank, are set to report their earnings for the second quarter of 2024 this week following the announcement from the European Central Bank that it would not change its interest rates.
ECB’s Interest Rates Remain Unchanged But May See Cuts in September
The European Central Bank announced that it would keep interest rates unchanged but may change by the next quarter.
Global stocks soar on rising investor confidence
Global stocks rose further as increased investor confidence propelled buying support. Investor confidence has been strengthened after the announcement of European Central Bank's stimulus plans and encouraging US economic data.
US Presidential elections, China economy setting tone for markets
Global markets have been moving in tandem with state of Chinese economy and US Presidential elections these days. After rebounding in the previous month, the global markets are waiting for next level triggers from US elections and stimulus plans on China's economy.
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After the market downfall from the previous weeks, IMF and ECB gave a warning on the effects of China's deceleration. Both European Central Bank and International Monetary Fund admonished the risks of economic growth from China's slowdown and other establishing markets.
The first two days of Greek market activity saw nothing but bloody reds as the Athens Stock Exchange witness massive selloffs from foreign investors unrestricted by current capital controls that limit withdrawals from local banks to a measly €60.
The delayed talks over a third 85 billion euro bailout plan is set to take place on Tuesday. Syriza government led by Prime Minister Alexis Tsipras will hold negotiations with European troika, the tripartite committee led by the European Commission (Eurogroup), European Central Bank (ECB) and International Monetary Fund (IMF).
Global financial markets are braced for a wave of contagion from Greece on Monday, with expected heavy losses for southern European government bonds and regional stock markets as investors scramble to discount a possible "Grexit" that most had still assumed was unlikely as late as Friday afternoon.
Greece failed again to clinch a deal with its international creditors on Thursday, setting up a last-ditch effort on Saturday to either avert a default next week or start preparing to protect the euro zone from financial market turmoil.
The Nasdaq Composite on Thursday erased its last standing milestone from the dot-com era as it set a record intraday high, with stocks on Wall Street in rally mode boosted by strong economic data.
Greek Prime Minister Alexis Tsipras said he was willing to accept unpalatable compromises to secure a deal with international creditors provided he gets debt relief in return, something that Germany refuses to countenance.
Euro zone banks should expect another round of health checks in 2016, the European Central Bank's top banking supervisor was quoted as saying, adding that Greece's banks remained solvent.
Years of uncertainty and economic pain spent keeping Greece in the euro zone boils down in June to a handful of make-or-break debt repayments, while a raft of key data in the next few days will point to the progress of the global economy.
