Good morning! Here’s what you need to know in markets this morning.
It’s another crunch day for Greece. European heads of government are meeting in Brussels for an emergency summit on Greece. Athens has submitted more proposals, but it’s still unclear whether any significant progress can be made — as Greeks begin to withdraw deposits from the banking system at a faster pace.
And former US Treasury Secretary Larry Summers weighed in on Greece too. In a chilling op-ed in the Financial Times on Saturday, Summers published a dire warning to the continent: If creditors don’t figure out a way to hammer out a deal with the Greeks, the southern European country is likely to become a “failed state.”
UK business leaders are apparently planning a pro-Brexit campaign. A group of British business leaders and entrepreneurs are preparing to launch a campaign for Britain to leave the European Union at a planned membership referendum, a major donor to the UK Independence Party said.
Cigna rejected Anthem’s ‘inadequate’ $US47 billion takeover bid. Health insurer Cigna has rejected a $US47 billion (£29.56 billion) offer to be acquired by its larger rival, Anthem, saying the terms of the bid are inadequate and “woefully skewed in favour of Anthem shareholders.”
Carlyle Group is making a major Indian investment. Carlyle Group has committed to invest up to $US500 million (£314.43 million) in Magna Energy, an India-focused upstream oil and gas company, the global private equity firm said in a statement on Monday.
Brazil’s President’s popularity has slumped even further. Brazilian President Dilma Rousseff’s popularity suffered a new blow in June, with just 10% of voters approving her government as unemployment rises and corruption allegations haunt key allies, a poll showed on Saturday.
Eurozone confidence figures are coming. At 3 p.m. London time on Monday (10 a.m. New York time) the latest consumer confidence figures for the eurozone will be released by the European Commission. Analysts expect confidence to drop to the lowest level since February in June.
European telecoms giant Altice wants to buy Bouygues. Luxembourg-based Altice wants to but up France-based Bouygues for around €10 billion (£7.17 billion, $US11.39 billion), according to the Wall Street Journal.
Belgium says it will unlock frozen Russian accounts. Belgium will unblock Russian embassy accounts that had been frozen over legal claims by shareholders of former oil company Yukos, the EU country’s foreign minister said Saturday, after Moscow vowed retaliation.
Asian markets are rising. Hong Kong’s Hang Seng is up 0.33%, and Japan’s Nikkei is up 0.94%. The Shanghai Composite Index, which tumbled 13% last week, is closed for a holiday.