At last – Greece reaches deal with creditors
Global markets advanced Monday on news that a deal has been reached between Greece and its creditors, avoiding a messy and unprecedented exit from the Eurozone. The all-night talks which resulted in a new bailout for the struggling country has been welcomed broadly with European markets gaining by up to 2.5 per cent. Asian markets have closed with gains too as the Greek deal bolstered optimism which was already higher on new Chinese trade data showing better-then-expected growth.
US stock futures are trending higher. Oil is trending lower (Brent $58.07, WTI $52.31 at 11.25am ET). Gold is trending lower.
Treasury budget at 2pm ET
Aura Systems, Lucas Energy and Sensetech are among the companies reporting earnings today.
BP faces billions of extra costs from Gulf of Mexico spill
The Financial Times reports that the $18.7 billion payment agreed by BP to settle US regulators’ investigations into the Gulf of Mexico oil spill in 2010 will not be the end of the oil giant’s pay-outs. There are outstanding claims from tens of thousands of businesses which lost money after the spill and the report says that the likely settlements will be at least $2 billion more than the $10.3 billion that BP has set aside.
OPEC says oil market to be more balanced in 2016
Next year should see a more balance global oil market according to OPEC. The group said Monday that demand should increase from China in particular while shale oil production from the US and other producers will slow. The monthly report forecasts demand for 1.34 million barrels per day.
Future entrepreneurs to benefit from a $60 million gift
Billionaire Sam Zell has pledged $60 million to help future entrepreneurs through his family foundation. The cash will go to Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies at University of Michigan's Ross School of Business with $10 million set aside for a venture fund to help those with start-up businesses.