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The Breakfast Briefing
Greece, for now, looks like it's out of the woods. European Central Bank President Mario Draghi's commitment Thursday to back the eurozone at all costs, plus the apparent willingness of European Parliament to get behind the Greek bailout, looks like a perilous chapter in the eurozone's story is coming to a close. There is, of course, no telling if the next one will be much happier. On Friday morning, Christine Lagarde, managing director of the International Monetary Fund, reiterated the fund's stance that Greece needs a far larger debt restructuring than has been considered so far by eurozone.
Markets opened higher before falling back, taking a breather after a wild few weeks for Europe. That's despite the Nasdaq notching up an all-time closing high in the NASDAQ Thursday, and across the board gains in Asia trading Friday.
Sterling was one of the fastest risers in the foreign exchange market after Bank of England governor Mark Carney hinted during a speech Thursday night that interest rates could rise as early as the turn of the year.
The rest of the day is quiet in terms of economic data, mainly focusing on U.S. CPI and housing data.
-- Giles Turner
Market Snapshot: At 9.15 a.m. in London, FTSE 100 down 0.38%, CAC 40 down 0.18% and DAX up 0.14%. Nikkei closed Friday up 0.25%. Brent crude up 0.46% at $57.19. Gold down 0.05% at $1,143. EUR/USD at $1.09. Ten-year Treasury yield lower at 2.34%, Bund yield lower at 0.75%, Gilt yield higher at 2.10%.
What You May Have Missed on MoneyBeat
ECB's July Press Conference -- Recap: Sometimes, European Central Bank President Mario Draghi can expect to face question on a whole slew of issues at his post-governing council press conferences. This time, there was one big game in town: Greece.
A Short History of The ECB's Complicated Relationship With Greece: As the ECB prepares for another press conference that will be all about Greece, here's a quick look back at memorable moments and quotes involving the complicated relationship between the central bank and Greece over the last five-plus years of Greek crisis. Here's a walk down memory lane.
Greek Vote Passes But 'Tough Times Lie Ahead': View From The Street: Greece's Parliament has passed austerity measures needed to secure a fresh bailout from its international creditors, and markets seem to like it.
Greece Isn't the Only One Tightening Its Belt: French President Francois Hollande has struggled to bring down the country's deficit over the last three years. But in his own backyard, he's Mr. Frugal.
China Generates Record Fee Pot for Domestic Investment Bankers: The meteoric rise in China's stock markets over the first half of this year helped fuel a record period for investment banks, but unlike last year, nearly all of them were Chinese. Investment banking revenue in China of the first half of the year was the highest on record, up 27% year-on-year, driven by fees from equity capital markets deals.
Citigroup and Goldman Sachs Earnings -- Analysis: Thursday was day three of bank earnings' season, and Citigroup and Goldman Sachs Group are out with second-quarter results.
Netflix Hits Record After 23 Analysts Up Their Price Targets: Netflix Inc. shares have momentum at their back. Shares of the streaming video service hit a fresh record of $111.78 Thursday and are on pace for their best day in three months, spiking 14% after Netflix reported stronger-than-expected subscription growth for a third-straight quarter Wednesday.
From The Wall Street Journal
Finance Chief Recounts Brinkmanship That Led to Greek Deal : In a Wall Street Journal interview, the chief deal maker for the eurozone's finance ministers recounted the tense moments of brinkmanship that led to a tentative Greek rescue deal.
IMF to Take Part in Greek Bailout if It Includes Debt Restructuring: The International Monetary Fund will participate in the Greek bailout plan if it includes debt restructuring and bold government reforms.
Germany Blasts Deutsche Bank Over Culture : German regulators accused a half-dozen current Deutsche Bank executives of failing to stop or tell regulators about years of attempted market manipulation, according to a confidential report.
Investors in Greek Banks Face Wipeout on Recapitalization: Even as Greek politicians on Thursday passed austerity measures to ensure a new bailout, investors in the country's banks faced the prospect of their holdings being "wiped out" under the terms of a EUR25 billion recapitalization plan.
HSBC Unit in the Cross Hairs of Saudi Regulator : The U.K. bank's Saudi Arabia unit is being investigated over whether it inflated the valuation of a construction firm's IPO in 2008.
China Shares Gain for Second-Straight Day : Chinese shares capped the week with a two-day rally, while Hong Kong shares headed for their first positive week in four, as markets elsewhere steered near flat.
(END) Dow Jones Newswires
July 17, 2015 04:26 ET (08:26 GMT)
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