Countdown to Grexit, meltdown in Asian stocks and Barclays is looking for a new CEO. There really is an awful lot going on today. Get caught up here.
Greece, the final countdown
Greece has until Sunday to come to an agreement with creditors on the way forward or it risks being forced out of the euro. Last night's summit of euro area leaders delivered a firm message to Greece, with President of the European Council Donald Tusk saying "The stark reality is that we have only five days left to find the ultimate agreement," in his post-summit press conference.
ECB to decide on Greek ELA
With the Greek banking system barely functioning, the ECB today meets to decide on whether to grant further emergency liquidity assistance (ELA) to those banks. Without a deal in place, the chances of an increase in ELA is remote, even though it is the only thing preventing the complete collapse of Greece's financial infrastructure.
China stocks crash
The sell-off in Chinese equities accelerated, with the Shanghai Composite Index closing down 5.9 percent to 3,507.19. The sell off could have been much worse except for two things. At least 1,331 companies -- equivalent to about 40 percent of China's stock market capitalization -- have suspended trading altogether and a further 747 hit their daily 10 percent down limit, halting further selling. Outside China, Hong Kong's Hang Seng Index plunged the most since 2008.
The selloff in Chinese stocks has spread to commodities in Shanghai. Iron ore, soybean meal and even eggs all dropped by the maximum allowed by exchange limits. Analysts so far view this sell off as a spillover from the collapse in equity markets.
Barclays CEO ousted
Barclays Chief Executive Officer Antony Jenkins is to leave after just three years in the role. Chairman John McFarlane, who joined in April and will take over Jenkins' role on a temporary basis, said that Barclays needs to accelerate capital generation and signaled further job cuts and branch closures. Barclays' share price rose following the announcement.
What we've been reading
This is what's caught our eye over the last 24 hours.
- Here are the central banks that have been getting it right - and wrong.
- No cash, no supplies, no workers. What life is like for a small business in Greece.
- Greece's cash crisis is boosting Bitcoin.
- Spotify just had its best week ever on Apple music's home turf.
- Brazil puts out the 'for sale' sign as state-run company IPOs accelerate.
- Why are people scared of genetically modified organisms?
- How Germany cut its debt using this one weird trick.
Want to receive this post, and more, into your inbox every morning? Sign up here.