Good morning! Here are 10 things you should know in markets today.
Greece’s Finance Minister Yanis Varoufakis has echoed Prime Minister Alexis Tsipras’s calls for citizens to vote “No” in Sunday’s referendum on bailout proposals. In a short blog post he gave 6 reasons why he thought Greeks should reject the proposals.
It came after Greece’s Prime Minister Alexis Tsipras said Sunday’s referendum is still going ahead and urged Greeks to vote “No”. The call in a live TV address came after a letter sent to creditors on Tuesday night sparked confusion, by indicating that Greece would be willing to accept many of the terms of a bailout package.
Ratings agency Moody’s has downgraded Greece’s already low credit rating after the country defaulted on IMF payments due Tuesday. “Moody’s believes that without ongoing support from official creditors, Greece will default on its privately-held debt,” the ratings agency said.
Asian markets are mostly up this morning ahead of US jobs numbers later today, although China’s benchmark index continues its weak run of form. Japan’s Nikkei is up 1.1%, Hong Kong’s Hang Seng is 0.3% higher but China’s Shanghai Composite is 1.8% lower.
Chinese policymakers have taken additional steps to support China’s volatile stock market after a tumultuous few days for investors. China’s securities regulator, the CSRC, has relaxed the rule on margin trading for stock investors, in a bid to stop investors being forced to sell because of margin calls. It’s also cutting transaction fees from August to boost liquidity.
US jobs numbers for June are due this afternoon. Economists are predicting the unemployment rate will have fallen from 5.5% in May to 5.4%, while 230,000 new non-farming jobs will have been added to the payroll.
PayPal is acquiring digital money transfer service Xoom for roughly $US890 million (£570.2 million).PayPal is paying $US25 (£16) per share, about a 32% premium Xoom’s 3 month weighted average price. Xoom allows users to send money online or through mobile devices around the world.
Belgium has passed a law to cap how much so-called “vulture funds” can recoup from government debt bought at rock-bottom prices from countries teetering on the brink of default. If a Belgian judge determines a fund is acting as a “vulture,” then it cannot claim more than the discounted price paid for the bonds, rather than their face value.
Tories are warning David Cameron he will face a parliamentary rebellion if he fails to back a third runway at Heathrow airport, the Guardian reports. Sir Howard Davies’s independent airports commission recommended expansion of Heathrow yesterday but Cameron has strongly opposed this in the past.
SpaceX can compete to launch a US Global Positioning System satellite despite a Falcon 9 rocket accident this weekend, the Air Force has said. “SpaceX remains certified and can compete for the upcoming GPS III launch service,” Lt. General Samuel Greaves, who heads the Air Force’s Space and Missile Systems Center, wrote in an email to Reuters.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.