Investment Markets Overview — W/E 3rd July 2015

This week was all about Greece, following the surprise 5th July referendum call by Prime Minister Alexis Tsipras as the debt negotiations with the Troika failed. Although Tsipras was emphatic that the referendum will be a simple yes or no to the final austerity terms demanded by the EU, ECB and the IMF, various EU officials and “main-steam” commentators were reading it as a vote on remaining within the Euro-Zone or not, with the markets gyrating on every rumor circulating from whom-ever. Regardless of the result, there is likely to be a debt write-down, which the creditors should have agreed to back in 2010, when the Greek debt was at €252 billion versus the current €313BN. That said, the policy-makers have presided over the transfer of the bulk of this enormous number from the balance sheet of the banking community onto the tax-payer, which may explain the delay. Meanwhile, on Monday the Governor of Puerto Rico, an unincorporated US territory, announced that the government’s efforts to slash expenditures and restructure its $73BN debt load have failed, going on to state, “the debt is not payable.”

3 July 2015

Subscribe to the Full Investment Markets Overview Newsletter which contains the following:-

Additional Commentaries:
•US economic data . . .
•Euro-Zone . . .
•The UK . . .
•Out East . . .
•The $US index . . .
•Within the commodities complex . . .
•Economic data due next week includes . . .

 As the Greeks head to the voting booths, allegedly neck and neck according to the opinion polls, we’ll expand a little more on the Puerto Rico and China debt problems,  ……

Charts:
1.  Indices Weekly
2. US Unemployment V US NFP & Wages
3. UK Average House Prices V UK Consumer Confidence
4. China Stocks V China Margin Debt
5. Commodity YTD  Moves

Table:

13 Indices, 11 columns of detailed information, for accurate analysis

“Just as History Belongs to the Victor, Moral Contradiction Belongs to policy-makers.

Click Here to view Details of the full version of this Newsletter which includes full text and detailed

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