Chinese stocks slide again, euro region leaders head to Brussels and will Iran talks miss tonight's deadline? Here are some of the things that people are talking about in markets this morning.
Emergency summit in Brussels
Tsipras has been given just hours to come up with a proposal to keep his country in the euro. The pressure continues to build on the Greek leader after German Chancellor Angela Merkel said "time is running out" and the ECB moved to tighten the access of Greek banks to emergency liquidity. Finance ministers gather in Brussels at 7 a.m. ET and leaders will convene in the Belgian capital at 12 p.m. ET for another emergency summit.
Shanghai stocks extend rout
Despite China's best efforts (here's a list of them) to stabilize the stock market rot, the Shanghai Composite dropped another 1.29 percent in Tuesday's session. Today's losses spilled over into the Hong Kong market, taking Chinese companies traded there into a bear market. Of course the guaranteed way to stop the selloff is to halt trading altogether, which is precisely what many companies have done: 26 percent of listed firms on China's mainland exchanges have now suspended trading.
Iran nuclear talks
World powers and Iran have been in talks for 10 straight days, seeking an accord on Iran's nuclear program. The latest deadline expires at midnight today and diplomats are currently on the verge of missing it. If they can clinch a deal, it would bring the oil-rich country access to world markets and provide other nations with a guarantee that Iran won't produce nuclear weapons.
It has been a rough start to the week for the commodity market, yesterday was the biggest drop for oil in five months and iron ore fell back into a bear market. While the oil market is rebounding at the time of writing, copper is continuing to slump. The metal slipped as much as 2.06 percent in London trading and is poised for the biggest two-day drop since the middle of January.
Aussie drops to six-year low
As expected, the Reserve Bank of Australia left its benchmark rate at a record low 2 percent. It was the words of Governor Glenn Stevens that helped send the Aussie to its lowest level in six years against the dollar. Stevens said “further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices.”
What we've been reading
Here's what caught our eye over the last 24 hours.
- The hugely profitable, wholly legal way to game the stock market.
- The El Nino warnings continue to come in.
- Refracking is the new fracking.
- Can Greece rescue itself?
- Lessons from the U.S. women's soccer World Cup win.
- Finnish music fans can now get their money back if live performance disappoints.
- Scenes from Goodwood Festival of Speed.
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