Athens stock market reopens, Greek manufacturing PMI devastated, HSBC profits jump. Here are some of the things people in markets are talking about this morning.
Athens stock exchange reopens
Following a shutdown that lasted five weeks, the Athens Stock Exchange reopened this morning. The ASE index was down a record 22 percent at the start of trading, with Greek bank shares falling as much as 30 percent. Trading on the index is still restricted for Greeks due to continuing capital controls in the country.
The stand-out number in this morning's round of Purchasing Managers' Index releases came from Greece, where PMI fell to an astonishingly low 30.2 according to data from Markit Economics. The company said survey respondents blamed a “generally uncertain operating environment” and capital controls for the collapse. Separately, China's official PMI came in at 50 for July, a reading that indicates neither expansion or contraction.
HSBC Holdings Plc, Europe's largest bank, reported first-half pretax profit of $13.6 billion in a statement on Monday. The bank said that a 19 percent jump in Asian earnings was the main driver of the earnings beat, giving a boost to Chief Executive Officer Stuart Gulliver's strategy of shifting investment to the east.
Iran ready to pump
Iran can increase production by 500,000 barrels per day within one week of the end of sanctions, and by 1 million barrels per day within a month ,Oil Minister Bijan Namdar Zanganeh has said according to reports on state media. Brent for September settlement dropped as much as $1.36 to $50.85 a barrel on the London-based ICE Futures Europe Exchange this morning.
Obama on climate
U.S. President Barack Obama is set to unveil new limits on planet-warming carbon emissions and more incentives for renewable energy later today at the White House. The rules, dubbed the Clean Power Plan have the enthusiastic backing of green-energy companies. Coal companies have vowed to kill the plan.
What we've been reading
This is what's caught our eye over the weekend.
- Koch calls for an end to 'Corporate Welfare' for Wall Street.
- Gold is still getting beat-up.
- Can the insurance industry survive driverless cars?
- Bank of Russia omits four words from its statement - and economists are confused.
- California is pushing to change the auto industry as we know it.
- What is democracy today - and is Singapore the place to save it?
- Mark Dow on why emerging markets won't crash.