Gold crashes in Asia trading, Greece set to pay the ECB and major job cuts coming to Barclays? Here are some of the things people in markets are talking about this morning.
The gold plunge
Gold dropped as much as 4.2 percent in a matter of minutes in Asia trading. Gold for immediate delivery plunged to $1,086.18 before recovering some of those losses. While there is no indication that the sell-off was caused by a fat finger, there were large trades going through at times of low liquidity.
Greece reopens banks, pays creditors
Greek banks reopened this morning for basic services, even as capital controls remain in place. The Finance Ministry in Athens said that they had given the order to repay €6.8 billion ($7.4 billion) to creditors following the agreement on bridging finance for Greece reached last week.
Barclays job cuts
Barclays, which employed 132,000 at the end of December, are said to be considering cuts that would reduce its workforce to under 100,000 over the coming years. It may not all be bad news for London-based Barclays employees as financial vacancies in the city jumped 56 percent in June, figures from Morgan McKinley show.
PayPal starts trading
PayPal starts trading on stock markets today after being spun out of Ebay which bought the payments company in 2002. Data compiled by Bloomberg shows that PayPal will mark its debut at a valuation almost 1.4 times larger than EBay's post-split market capitalization.
European peripheral debt feels the love
JPMorgan Chase and Co. said on Friday that it is selling eight-year German bunds and buying Spanish notes. Blackrock Inc. bought a "tiny bit of Greece a week ago" head of fixed income Michael Krautzberger said in an interview on Bloomberg TV this morning. Yields on Spanish and Italian 10-year bonds are firmly below 2 percent this morning.
What we've been reading
This is what's caught our eye over the weekend.
- History shows Iranian oil could come on stream much faster than analysts expect.
- Russia has a $42 billion muni-debt problem.
- Peru might have a bird-poo bond problem.
- China's been hoarding gold, and isn't likely to stop.
- French President Francois Hollande proposes euro-area government.
- Bernanke arrives late to the US-academic-opines-on-Greece party.
- Asteroid said to contain $5.4 trillion of precious metals passes close to Earth.
Want to receive this post, and more, into your inbox every morning? Sign up here.