Five Things Everyone Will Be Talking About Today

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What To Watch: Greek Crisis, EU Stocks, China Rebound

Shanghai stocks surge again, Tsipras may have blinked and Apple is a whisker away from a correction. Here are some of the things that people are talking about in markets this morning.

Greece steps back from the brink

Tsipras has delivered an offer that meets most of the demands of creditors in return for a €53.5 billion bailout. The proposal, delivered late last night by the Greek government to creditors, is almost a carbon-copy of the one offered by creditors to Greece just two weeks ago, which was then later rejected by the Greek people in a referendum. Confused? You're not alone. The plan will face its first hurdle in Greece's parliament today.

Relief rally in Europe

Increased optimism about the prospect for a deal with Greece has sparked a relief rally in Europe this morning. Stocks are gaining across the continent. Germany's DAX climbed as much 2.4 percent and Europe's Stoxx 600 is advancing for a third straight day. In the bond market, Italian bond yields plunged to a 5-week low. And in the FX market, the euro jumped the most since last October against the yen.

China's stocks surge again

After an unprecedented intervention to stabilize a $3.9 trillion rout, Chinese stocks surged again today. The Shanghai Composite climbed another 4.5 percent to cap the biggest 2-day gain since 2008. But with much of the market still locked up, we can probably call it China's half rally: 47 percent of listed companies are still suspended from trading, locking up about $2.4 trillion worth of shares.

IEA sees an even lower oil price

The International Energy Agency said this morning that the oil market rout may have even further to go as the world remains "massively oversupplied." The IEA doesn't expect the market to tighten until next year when output growth in the U.S. begins to stagnate in mid-2016. Today, oil prices are almost half of what they were a year ago.

What to watch…

Janet Yellen speaks: The Fed Chair will discuss the central bank's economic outlook at 12:30 ET in Cleveland, Ohio. Keep an eye on Apple stock: Shares have ended the session in the red for five straight days, leaving the stock about 40 cents away from a 10 percent correction after reaching an all-time high of $133 on Feb. 23.

What we've been reading

This is what's caught our eye over the last 24 hours.

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