Good morning! Here are 10 things you need to know in markets today.
The EU has made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires later today. Under the offer, Greek Prime Minister Alexis Tsipras has to send a written acceptance in time for an emergency meeting of the eurozone finance ministers to be held, and agree to campaign in favour of the bailout being voted on in the planned July 5 referendum.
Thousands people gathered in central Athens last night to campaign for a rejection of the bailout deal in Sunday’s referendum. Our reporter Mike Bird was there covering the rally.
Greek PM Alexis Tsipras addressed his country’s people on state TV last night ahead of the July 5 referendum. He said: “They [the EU] will not kick us out of the eurozone because the cost is immense,” and hinted that if Greek’s vote “yes” he will resign.
Asian markets continue to be volatile but are in the black this morning. The Nikkei is up about 0.5%, the Shanghai Composite is up 2.2%, despite falling 5% in early trade, and the Hang Seng is up 1.5%.
Financial and professional services lobby group TheCityUK has made 25 recommendations for reforms of Britain’s membership of the EU. They are broken into four subcategories — a deep and strong Single Market, open to the world; better regulation; a European agenda for jobs, growth and competitiveness; and fair and equal treatment of all Member States.
The European Union has reached a preliminary deal to scrap mobile phone roaming charges across the 28-country bloc by June 2017. It’s part of an overhaul of the continent’s telecoms market to boost growth and innovation.
Puerto Rico’s governor has called for the commonwealth to be allowed to restructure its debts under the US bankruptcy code. A newly appointed adviser to the US territory said it is “insolvent” and will soon run out of cash. On Sunday the governor warned the island would be unlikely to pay its $US72 billion (£45.7 billion) debts.
Chinese policy makers are planning to let the nation’s pension funds invest in its stock market in a bid to prop the markets up. The benchmark Shanghai Composite has dropped by 20% in the last two weeks after surging by 140% over the last year.
A judge in Delaware has dismissed a lawsuit brought by General Motors shareholders over the recall of millions of vehicles with an ignition switch defect linked to several deaths. The judge’s ruling on Monday said that the shareholders have not shown any proof that the company’s directors acted in bad faith and dismissed the case.
Royal Dutch Shell says it could begin its 2015 Arctic oil exploration drilling operations as early as the third week in July when its forecasters believe that sea ice over its prospects will begin to clear. The Polar Pioneer drilling rig arrived in Dutch Harbour, off mainland Alaska, over the weekend and will remain there until ice begins to clear.