{"id":14004,"date":"2015-07-07T05:49:41","date_gmt":"2015-07-07T05:49:41","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=14004"},"modified":"2015-07-07T05:49:41","modified_gmt":"2015-07-07T05:49:41","slug":"tuesday-7th-july-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/tuesday-7th-july-european-open-briefing\/","title":{"rendered":"Tuesday 7th July: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei up 1.40 %, Shanghai Composite fell 3.20 %, Hang Seng declined 1.10 %; ASX rose 1.55 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1166 (-0.60 %), Silver at $15.63 (-0.75 %), WTI OIl at $53.06 (+1.00 %), Brent Oil at $57.20 (+0.70 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.30, UK 10 year yield at 2.01, German 10 year yield at 0.76\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tReserve Bank of Australia Interest Rate Decision 2.00 %, Expected: 2.00 %, Previous: 2.00 %\n\t<\/li>\n<li>\n\t\tRBA: global financial conditions remain very accommodative\n\t<\/li>\n<li>\n\t\tRBA: AUS economy likely to be operating with a degree of spare capacity for some time yet\n\t<\/li>\n<li>\n\t\tRBA: inflation is forecast to remain consistent with target over next one to two years, even with lower exchange rate\n\t<\/li>\n<li>\n\t\tRBA: AUD has declined noticeably against USD over past year, but less against basket of currencies\n\t<\/li>\n<li>\n\t\tRBA: Further AUD depreciation both likely and necessary\n\t<\/li>\n<li>\n\t\tNew Zealand NZIER Business Confidence 5.0 %, Previous: 23.0 %\n\t<\/li>\n<li>\n\t\tECB&rsquo;s Nowotny: Greek Referendum Hasn&rsquo;t Facilitated Negotiations &#8212; BBG\n\t<\/li>\n<li>\n\t\tIran and world powers agree on 4 of 5 annexes for the nuclear accord, agree on main text, talks continue\n\t<\/li>\n<li>\n\t\tJapanese Gov&rsquo;t Advisor Hamada: BoJ Doesn&rsquo;t Need To Add Stimulus Now, Yen May Weaken On MonPol Divergence &#8212; BBG\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tOvernight, the main event was the RBA rate decision. The central bank left the key rate unchanged at 2.00 % and said that accommodative monetary policy will remain appropriate in the near-term. They think that AUD will further depreciate, noting that while the currency has declined noticeably against the US Dollar, it hasn&rsquo;t much against a basket of currencies. Overall, nothing new from the RBA.\n<\/p>\n<p>\n\tChinese stock markets had again a volatile session. The government is trying to calm the markets down, but it is unlikely to succeed as traders and investors seem to be in a panic mode. Meanwhile, Greece remains the hot topic in the currency markets. While the reaction to the referendum has been surprisingly calm, traders continue to watch the developments there as a Grexit seems increasingly likely. There is a Eurogroup meeting scheduled this morning, as well as a Euro Summit in the evening. In terms of data releases, the key events will be UK industrial &amp; manufacturing data at 0930 BST and Canadian trade data at 1330 BST.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t06:45 BST &#8211; Swiss Unemployment Rate\n\t<\/li>\n<li>\n\t\t07:00 BST &#8211; German Industrial Production\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Industrial Production\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Manufacturing Production\n\t<\/li>\n<li>\n\t\t11:00 BST &#8211; Eurogroup Meeting\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Trade Balance\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; Canadian Trade Balance\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; UK NIESR GDP Estimate\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US JOLTs Job Openings\n\t<\/li>\n<li>\n\t\t17:00 BST &#8211; Euro Summit\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 1.40 %, Shanghai Composite fell 3.20 %, Hang Seng declined 1.10 %; ASX rose 1.55 % Commodities: Gold at $1166 (-0.60 %), Silver at $15.63 (-0.75 %), WTI OIl at $53.06 (+1.00 %), Brent Oil at $57.20 (+0.70 %) Rates: US 10 year yield at 2.30, UK 10 &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/tuesday-7th-july-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Tuesday 7th July: European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-14004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/14004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=14004"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/14004\/revisions"}],"predecessor-version":[{"id":14005,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/14004\/revisions\/14005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=14004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=14004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=14004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}