Good morning! Here’s what you need to know in markets today.
Greece’s late night last-chance talks have yet to produce a deal. After days of tension, the summit of eurozone leaders is still yet to produce a deal. Some members of the Eurogroup of finance ministers, including Germany’s Wolfgang Schaeuble, preferred the idea of a temporary Greek exit from the euro. According to the BBC, there’s another draft compromise circulating, but no details have emerged yet.
Chinese trade slumped in the first half of the year. Two-way trade for the first six months of the year fell 6.9% to 11.53 trillion yuan ($US1.85 trillion, £1.19 trillion), the General Administration of Customs said.
An Iranian nuclear deal is reportedly very close too. Iran and six world powers were close to nailing down a historic nuclear deal that would bring sanctions relief in exchange for curbs on Tehran’s atomic program, but the Iranian foreign minister said no agreement would be announced on Sunday.
Asian markets are up. The Shanghai Composite Index is up 3.72%, followed up by Hong Kong’s Hang Seng, up 0.64%. Japan’s Nikkei is also climbing higher, up 1.65%.
An Alibaba-backed company is taking heat for China’s stock market crash. Hundsun Technologies, the financial information technology company controlled by Alibaba Group Holding founder Jack Ma, on Monday rejected local media criticism that blamed its platform for China’s stock market rout.
Nintendo’s CEO has died. Japanese video game maker Nintendo said Chief Executive Satoru Iwata died on Saturday due to a growth in his bile duct. He was 55.
China may make a big investment in Europe’s infrastructure fund. China could invest up to €10 billion ($US11.1 billion, £7.19 billion)) in Europe’s new infrastructure fund, but a final decision is being held up by the complex mechanics of a deal to give Chinese technology companies a greater role in Europe, people familiar with the talks say.
Jarden is close to acquiring Waddington Group. Consumer goods company Jarden Corp is close to acquiring disposable tableware maker Waddington Group for around $US1.4 billion (£902.79 billion), according to a source familiar with the matter.
Unilever is reportedly looking for a new chairman. Anglo-Dutch consumer products group Unilever is searching for a new chairman to replace Michael Treschow, who has been in the job since 2007, Sky News reported on Sunday.
Hillary Clinton is making her first speech on economic policy. Democratic frontrunner Hillary Clinton will put the fight for higher wages for “everyday Americans” at the heart of her economic agenda on Monday, when she makes the first major policy speech in her White House bid.
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