Greece is back in business
World markets have started the new trading week with optimism as Greece gets back to business with the re-opening of its banks and a payment made to creditors thanks to the ECB’s bridging loan. On Wall Street earnings will be in focus. Asian markets have ended their day mixed with lower commodity prices concerning. Japanese and Indonesian markets are closed for holidays. European markets are higher so far on Greece and regional earnings.
US stock futures are trending higher. Oil is trending lower (Brent $56.59, WTI $50.65 at 6.25am ET). Gold is trending lower.
No major data releases expected today.
Halliburton, Hasbro and Morgan Stanley are among the companies reporting earnings today.
Oil prices lower on demand, bottom may be approaching
The price of oil is trending lower Monday as global demand is weaker however Reuters reports that Saudi Arabia’s exports of crude have declined and US rig numbers are also lower. Meanwhile the world’s largest oil field service firms says that it believes the bottom for oil prices has almost been reached. Schlumberger told Fox News that it expects prices to continue to be under pressure for the rest of this year but then for tighter supply and demand to push prices higher in the first half of 2016. However the CEO of Shell said in an interview that recovery of oil prices may take 5 years.
US, Cuba restore diplomatic ties
After fifty years the US and Cuba have now restored full diplomatic relations. The agreement came into force at midnight and Cuban officials will formally reopen their Washington embassy Monday.
Google to clean your home?
Google has reportedly hired staff from the closing-down start-up Homejoy. The firm, which will cease trading on July 31, is an online platform for hiring cleaners and CNN reports that Google has hired a portion of the Homejoy team and it is believed that this is part of a push into the home services market by the search and advertising giant.
Barclays to cut global workforce
Barclays Bank, which recently fired CEO Antony Jenkins, will be losing around 30,000 employees in the next two years according to a report in The Times of London. The UK-headquartered bank needs to cut its workforce in a bid to reduce costs and improve financial performance the article says, citing senior Barclays’ executives.