Here are the major stories in markets right now.
Greece’s Prime Minister has a vivid metaphor for the country’s situation. Greece’s prime minister warned Monday that the cash-strapped country is in a state of “financial strangulation” amid worries that Athens may only have a couple of weeks before going bankrupt.
Opening up capital markets is a priority for China this year. Chinese policymakers on Monday announced guidelines for reform priorities in 2015, ranging from streamlining administrative procedures to boosting the yuan’s global role, as Beijing steps up efforts to open up the country’s capital markets. “More focus will be placed on promoting financial reforms to push forward the development of the real economy“, the statement said.
Deutsche Bank’s retail chief is on his way out. Deutsche Bank’s restructuring plan claimed its first management casualty when its retail chief Rainer Neske decided to quit after the group chose to split up and sell chunks of his domain, including Postbank , German media reported.
The US signed a $US1 billion (£638.5 million) loan guarantee for Ukraine. The United States signed Monday its second $US1 billion loan guarantee deal for Ukraine aimed at helping the crisis-wracked country surmount a Russia-backed insurgency and rebuild its tattered economy.
UK and eurozone inflation is coming. At 9:30 a.m. and 10 a.m. London time respectively (4:30 a.m. and 5 a.m. New York), the UK and eurozone second readings for consumer price inflation in April are out. Analysts expect both figures to stay at the same level as the first readings, 0%.
New UK Business Secretary Sajid Javid aims to cut £10 billion ($US15.66 billion) in regulation. Javid promises to roll back red tape with his enterprise bill, which will be announced with the Queen’s Speech next week, according to the Financial Times.
Despite Carl Icahn’s predictions, Apple reportedly stopped developing at TV last year. Apple gave up on any plans to make its own television as long ago as last year, according to a Wall Street Journal report. In an open letter to Apple CEO Tim Cook today, Icahn wrote that he expects an Apple car and an Apple television — two rumoured projects which have never been officially confirmed or announced by Apple — to hit the market next year.
Founding members of China’s Asian Infrastructure Investment Bank (AIIB) will meet. Founding members of the AIIB will hold a three-day meeting in Singapore this week to discuss operational policies for the establishment of the institution. The gathering, called the 5th chief negotiators’ meeting, will also discuss the draft articles of agreement for the AIIB in Singapore from Wednesday to Friday.
Asian shares are booming. The Shanghai Composite Index is up 2.73%, followed by Japan’s Nikkei, up 0.93%. Hong Kong’s Hang Seng is currently 0.33% higher.
Japan’s finance minister says monetary policy alone won’t be able to end deflation. Finance Minister Taro Aso said on Tuesday that monetary easing alone is not enough to end deflation and push up prices. “The deflationary mindset that has beset Japan for such a long time won’t change suddenly. But we’ve seen some changes in the past two years, which is significant,” Aso told parliament.