Will a Greek tragedy be averted?
News surrounding Greece is likely to dominate the market this week with an emergency EU summit today to address the issue. Markets are likely to be fickle and reactive to newswires surrounding the ongoing issue. The latest news is that on Sunday Greek PM Alexis Tsipras briefed German Chancellor Angela Merkel, French President Francois Hollande and EU Commission President Jean-Claude Juncker on what he has termed Greece’s “definitive” proposal to break the deadlock. However, could this be yet another case of déjà vu?
Greece aside, there are also a number of economic indicators due in Europe and the US that will shed light on the health of the broader economy. Meanwhile the UK is set for a quiet week in terms of economic releases.
Monday 22nd June 2015
The market will be solely focused on the news headline surrounding the Greek debt crisis. The market will be fickle and will react quickly on breaking news before deciphering the longer term implication.
- Emergency EU Leaders’ Summit
- Eurogroup Finance Meeting
- US Existing Home Sale
Tuesday 23rd June 2015
The tone of the day will be dependent on whether there has been any major development surrounding Greece and the emergency EU leaders’ summit. Apart from that, data today from both Europe and the US will give a good indication of economic activity. Following last week’s FOMC meeting, there will be close attention on US data to see whether September is a viable time for “lift off” in rates.
- EZ/GER Manufacturing PMI
- EZ/GER Services PMI
- US Durable Goods
- US New Home Sales
Wednesday 24th June 2015
German IFO takes centre stage today as the survey based on manufacturers, builders, wholesalers, and retailers view on the economy. This will be important to see if the Greek debt situation is affecting consumer sentiment.
- GER IFO Survey
- US GDP (Q1 Final Reading)
Thursday 25th June 2015
Fairly quiet back end of the week but there will be focus on the US data following last week’s FOMC meeting.
- US Jobless Claims
- US Personal Spending
Friday 26th June 2015
With month end fast approaching, it is important to note that it is also end of quarter which could result in some volatile price action. Today is the only real interest to the UK calendar as BOE Gov. Carney participates in a panel discussion at the 2015 Conference on Inclusive Capitalism. His views on future monetary policy maybe questioned and come under scrutiny
- BoE Gov Carney speaks at Conference on Inclusive Capitalism
- US UoM Consumer Confidence