Michael Block of Phoenix Partners sends along the big stories he’s chatting about with clients this morning.
- Everyone focused on November handle for Greek restructuring, Spain bailout request. Spain will ask for implicit rate cap according to local press.
- EU Summit Thursday and Friday – need details on fiscal plan including enforcement to make this credible.
- Citi being taken well at first… so was JPM. GS, MS, BAC etc all coming up this week.
- AAPL “only” has Buy ratings from 85% of the street. Is that going higher or lower?
- TMT deal land – Sprint, TXN, CVC – this is a good effect of ZIRP (especially for arbs and bankers)
Dave Lutz of Stifel, Nicolaus also basses along the same.
- Big rally in Europe. More hopes for a Spanish bailout request, possibly in the next month.
- Big drop in Greek yields.
- Chinese inflation edges down.
- Yen is weaker after Softbank deal to buy majority of Sprint.
- Profits from high-speed trading are down.
- South African cops fire stun grenades and rubber bullets at protesters.
- Federal Reserve flirting with allowing inflation go higher.
- New Turkey-Syria tensions.