Morning Briefing: Big day for Greece, China’s GDP disappoints

Morning Briefing: Big day for Greece, China’s GDP disappoints

Morning Briefing: Big day for Greece, China’s GDP disappoints Big day for Greece, China’s GDP disappoints
The Greek parliament will vote on the latest proposals to keep the country from bankruptcy Wednesday. Both sides of the talks agreed measures that would lead to a new bailout but Greece’s politicians still have to agree to the proposals which could still mean trouble ahead. Elsewhere China’s latest GDP figures showed that the world’s second largest economy was flat in the second quarter, beating analysts’ expectations but still disappointing markets. Oil is also in focus as the nuclear deal with Iran means that the country’s exports will begin sometime in 2016. After initially boosting prices the expectation is that demand will not pick up sufficiently by then and the new Iranian oil will only add to the supply glut. Asian markets have closed mixed while Europe is also mixed so far.

US stock futures are trending higher. Oil is trending lower (Brent $57.83, WTI $52.50 at 6.30am ET) Gold is trending lower.
 
Today’s data
MBA mortgage applications at 7am ET
PPI-FD at 8.30am ET
Empire State manufacturing survey at 8.30am ET
Industrial production at 9.15am ET
Janet Yellen speaks at 10am ET
EIA petroleum status report at 10.30am ET
Beige Book at 2pm ET
Bank of America, Delta Airlines and Netflix are among the companies reporting earnings today.
 
Chamber of Commerce, SEC disagree on reforms
A new report Wednesday from the US Chamber of Commerce calls for some changes to the regulatory reforms proposed by the Securities and Exchange Commission. One of the main points raised is the SEC’s in-house trials which critics say violate defendants’ constitutional rights. The Chamber wants more uniformity in when the trials are used and for defendants to have more say in where they take place.
 
$1 trillion US pension shortfall
A report from the Pew Charitable Trusts says that the US is facing a $1 trillion black hole in its pension systems. It says that the gap between savings and payments has increased by $54 billion since last year and three states – Illinois, Kentucky and Connecticut – have less than half their pension programs funded. CNN reports that some states have failed to make the required contributions to their pension programs.
 
Micron deal likely to be blocked
The reported takeover bid of US chipmaker Micron by a Chinese state company is likely to be blocked by US regulators. CNBC reports that the Treasury Department's Committee on Foreign Investment in the U.S. is wary of state-owned company’s buying US firms while the Department of Defense is not keen on deals involving tech firms.