Here is what you need to know.
Greece has a deal. Leaders from Greece and its European creditors negotiated throughout the weekend and managed to agree on terms for a new debt deal. Politico’s Ryan Heath reports, “the asset fund plan is €37.5bn for debt payback and €12.5bn for growth initiatives,” which means total funding is around 50 billion euros ($US55.83 billion). The agreement also contains a 25 billion euro bank recapitalization plan with Greece also pledging to make rigorous reforms. The deal must be approved Greek parliament. Greece’s 2-year yield is down 577 basis points at 24.70%.
China’s trade balance disappointed. Beijing announced its trade surplus narrowed to $US46.5 billion in June, missing the consensus estimate of $US57 billion. Exports edged up 2.8% year-over-year while imports slipped 6.1%. China’s yuan finished little changed at 6.2084 per dollar.
Chinese stocks saw a third day of strong gains. China’s Shanghai Composite (+2.4%) rallied for a third straight session. The three-day win streak has produced a gain 13.1%, but has come with a large number of companies still halted from trading. Elsewhere, Japan’s Nikkei (+1.6%) booked a solid gain and France’s CAC (+1.7%) leads European markets higher. S&P 500 futures are up 13.25 points at 2082.25.
Macau might ease its smoking ban. Macau’s government may ease smoking bans on casino floors in an effort to drum up business. Bloomberg reports, “The government may let casinos retain smoking rooms if they can prove the health of employees and patrons is protected.” Gaming revenue has slumped 36% from a year ago to its lowest in four years as a crackdown by Beijing and the slowing Chinese economy take a toll.
An announcement by Iran is coming today. Iranian president Hassan Rouhani will address his nation at 1:30 p.m. ET regarding nuclear talks with the United States and other world powers. It remains unclear if the two sides have been able to come to terms on an agreement after more than two weeks of negotiations. Crude oil is down 0.6% at $US52.46 per barrel.
Comcast is launching a streaming TV service. The media company announced a streaming service called Stream, which will allow customers to watch live TV from about 12 channels on their laptops, tablets, and smartphones. The service will include HBO, in addition to other major broadcast networks, and will launch in Boston by the end of the summer before being rolled out into other area. Stream will cost $US15 per month.
Ryder System raised its dividend. The Board of Directors approved a quarterly dividend of $US0.41 per share, up 10.8% from the previous quarter. According to Ryder’s press release, the company has paid a dividend for 39 consecutive years.
Chrysler is recalling its Dodge Challenger. The automaker announced a recall of 88,346 Dodge Challengers due to faulty Takata airbags. The National Highway Traffic Safety Administration announced the recall will affect 2008-2010 model year Challengers manufactured between September 2007 and October 2010.
Nintendo’s president has died. Satoru Iwata, the man who oversaw the development of Nintendo’s Wii, has died from a bile duct growth. He was 55.
US economic data is light.The Treasury budget is scheduled to cross the wires at 2 p.m. ET. The US 10-year yield is up 6 basis points at 2.46%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.