European stocks declined and the euro made an early drop as the outcome of the Greek referendum and their rejection of austerity had investors flee to the traditional safe havens of US Treasuries, German bunds and the Japanese yen. Following an “equities bailout” by the Peoples’ Bank of China the Shanghai Composite index lifted after the past few weeks’ $3.2 trillion sell-off.
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In the Calendar This Week
The spotlight falls on this week’s Euro Summit, tomorrow 7 July, where politicians and finance ministers will have to decide, over canapes and plenty of soda water, on a course ahead for the Euro zone economy.
Tuesday also sees the release of both Canadian and US Trade Balance figures.
Although published after the fact, Wednesday’s Federal Open Market Committee (FOMC) Meeting Minutes are eagerly pored over by traders and analysts for hints about Fed forward policy. The minutes, pertaining to a June meeting, will not feature any reaction by