Morning MoneyBeat Europe: Markets Pause After Monday's Euphoria

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        The Breakfast Briefing
        European stock markets have edged lower Tuesday, as investors consolidate Monday's sharp gains after the announcement of a deal between Greece and its creditors to free up more bailout money.
        After the euphoria of a deal being reached comes the realization that this is not the end of the road. Whether bailout money actually flows to Athens depends now on the coming days and weeks, when Greek Prime Minister Alexis Tsipras has to push unpopular cuts and policy measures through parliament as a condition for the aid while straining to hold together a fracturing coalition of far-left and right-wing, nationalist forces.
        There are likely to be plenty of opinions being expressed in relation to the deal, and if at any stage it appears there is a chance that the bailout may not be passed through any particular parliament we could see widespread selling again.
        Market Snapshot: FTSE 100 down 0.07%, CAC 40 flat and DAX down 0.24%. Nikkei closed Tuesday up 1.5%. Brent crude down 1.58% at $57.23. Gold down 0.23% at $1152.70. EUR/USD at $1.0992. Ten-year Treasury yield lower at 2.41%, Bund yield lower at 0.81%, Gilt yield flat at 2.11%.
        What You May Have Missed on MoneyBeat
        Here's What the Greek Deal Entails : The eurozone and Greece have finally agreed terms of a third bailout. The deal can only happen if Greek Prime Minister Alexis Tsipras now manages to get tough new austerity measures approved in parliament. Many of those measures are even stricter and far-reaching than those rejected by Greeks in a referendum less than two weeks ago.
        How Will The Greek Privatization Fund Work? -- The Short Answer : One of the linchpins of the deal struck Monday morning to prevent Greece's exit (for now) from the eurozone is a fund that will manage the sale of the country's state-owned assets. Here are the key details so far.
        What the Street Thinks About the Eurozone's Greek Deal : Stock markets in Europe rose sharply Monday after eurozone leaders said they would give Greece another bailout provided that the government implements a round of austerity measures in the coming days. Here is what some investors, analysts and strategists are saying.
        Eurozone Leaders Reach Greek Deal: Recap : After punishing all-night talks, eurozone leaders said Monday they were ready to give Greece another bailout on the condition that Greece implements tough new measures in the coming days. Here's the recap of the market's reaction to the deal and analysis of the details.
        Why These Investors Are Still Buying China : Until the bounce of the past couple of days, China's stock market had lost about a third of its value in a month. While that was going on, many international investors seized the chance to buy.
        Hedge Funds Target Australian Dollar for Bet Against China : The Aussie has long been viewed as the currency of choice to bet against for funds worried about China's economy. But having traded above parity with the U.S. dollar as recently as May 2013, it has fallen sharply in recent years and has continued its decline over the past month as China's stock market has tumbled.
        FX Behavior Is Changing, Greenwich Survey Finds : Chat rooms, which emerged as a focus point for regulators, are falling out of favor. Investors have adopted tools to measure the quality of their trades. And trading over the telephone has fallen back slightly.
        Stronger Dollar Casts Shadow Over Second-Quarter Earnings : Greece and China may have grabbed much of the headlines recently, but it is a stronger U.S. dollar that is drawing the most attention from American corporations.
        From The Wall Street Journal
        Greek Talks Strained Allies: In the race to hammer out a bailout for Greece, Europe's most important bilateral relationship--the one between Berlin and Paris--was put to its most serious test in years.
        Tsipras Now Faces Tough Sell: Now comes the hard part for Greek Prime Minister Alexis Tsipras - selling a new bailout deal at home that is substantially tougher than the one he and Greek voters resoundingly rejected just a week ago.
        Iran, World Powers Prepare to Sign Off on Nuclear Accord: The top diplomats from Iran, the U.S. and other world powers planned to sign off on a nuclear accord Tuesday and announce the deal, officials from both sides said, after struggling to resolve a late standoff over when and how to lift a United Nations arms embargo.
        Google Takes Stricter Approach to Costs: With revenue growth ebbing, profit margins shrinking and shares flat, Google is curbing hiring and seeking ways to run its sprawling empire more efficiently, according to recruiters, venture capitalists and others familiar with the matter.
        China Gains Start to Fade: A rebound in China started to fade Tuesday as investors question whether Beijing will sustain its market rescue, while shares elsewhere in Asia rose on Greece's bailout deal.
        Mario Creator Tops List of Contenders to Lead Nintendo : After the death of Nintendo's president, the leadership spotlight is falling on Shigeru Miyamoto, creator of blockbuster videogame franchises such as Mario, Donkey Kong and Zelda.
        (END) Dow Jones Newswires

        July 14, 2015 03:28 ET (07:28 GMT)

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