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Greece's Tsipras digs in against bailout

Protesters wave Greek and EU flags during a pro-Euro rally in front of the parliament building, in AthensATHENS/BRUSSELS (Reuters) - A defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with EU partners before a referendum on Sunday that may decide Greece's future in Europe. Less than 24 hours after he wrote to creditors offering to accept their bailout offer if some conditions were changed, Tsipras repeated in a televised address his charge that Greece was being "blackmailed" and quashed rumors that he might delay or call off the vote. The televised address added to the frantic and at times surreal atmosphere of recent days in which acrimonious messages from the leftist government have alternated with late-night offers of concessions to restart negotiations.

Wed, 01 Jul 2015 12:34:28 -0400
U.S. private payrolls rise solidly; factory activity picks up

Auto assembly line robots weld on the frame of 2009 Dodge Ram pick-up trucks at the Warren Truck Assembly Plant in Warren, Michigan"The current robust pace of job growth is double that needed to absorb the growth in the working age population." The report, which is jointly developed with Moody's Analytics, came ahead of the government's more comprehensive employment report on Thursday. According to a Reuters survey of economists, nonfarm payrolls likely increased 230,000 jobs in June after a robust 280,000 gain in May. The unemployment rate was forecast dipping one-tenth of a percentage point back to a seven-year low of 5.4 percent.

Wed, 01 Jul 2015 10:40:13 -0400
Special Report: How Greece went bust

File photo of a man praying at a free food distribution center in AthensThe Greek Prime Minister Alexis Tsipras sat on one side, along with a translator and Angela Merkel, the German chancellor. In this modest Brussels setting last Friday morning, key players in the great Greek debt drama tried to avert a meltdown that could threaten the future of the euro and even the European Union (EU). Merkel and Hollande made a final offer of billions of euros in aid for bankrupt Greece if Tsipras would sign up to economic reforms demanded by his country's creditors.

Wed, 01 Jul 2015 08:52:45 -0400
Macy's becomes latest to cut ties with Donald Trump

Businessman and Republican presidential candidate Donald Trump reacts to supporters during a back-yard reception in Bedford(Reuters) - Department store Macy's Inc said on Wednesday that it would end its business relationship with Donald Trump, becoming the latest company to sever ties with the real estate developer and TV personality after his comments insulting Mexicans. Macy's said it would phase-out Trump's menswear collection, which includes shirts, ties, cufflinks and suits and have been sold by the department store since 2004. "Macys is a company that stands for diversity and inclusion.

Wed, 01 Jul 2015 11:21:32 -0400
Wall St. rises sharply on renewed Greece hopes

Trader works on the floor of the New York Stock Exchange shortly after the opening bell(Reuters) - U.S. stocks rose sharply in early trading on Wednesday after Greek Prime Minister Alexis Tsipras signaled he was prepared to accept creditors' bailout offer with some conditions.

Wed, 01 Jul 2015 09:56:15 -0400
Fed's Brainard says Fed examining possible drop in market liquidity

Federal Reserve Governor Lael Brainard delivers remarks on "Coming of Age in the Great Recession"The U.S. Federal Reserve has launched a study to see if U.S. Treasury markets are being hampered by a lack of liquidity, an issue some investors and others have cited as a potential risk to financial stability, Fed board member Lael Brainard said on Wednesday. If true, she said, that could cause trouble in times of financial stress if investors cannot freely buy and sell safe haven bonds at other than fire-sale prices. Traditional measures of market liquidity do not seem to have changed since the 2007 financial crisis, she said, while episodes of market volatility could have explanations other than a lack of liquidity.

Wed, 01 Jul 2015 09:06:04 -0400
Global regulators propose tighter credit risk rules for banks

A sign for Bank Street and high rise offices are pictured in the financial district Canary Wharf in LondonBy Huw Jones LONDON (Reuters) - Global banking regulators have proposed a more comprehensive set of rules for banks to set aside capital to cover losses from their exposures to other lenders and limit fallout in a crisis. During the financial crisis some banks suffered big losses on their derivatives contracts due to weaker creditworthiness at banks on the other side of their trades. Since then capital requirements to cover such "credit valuation adjustments" (CVA) have been beefed up but the Basel Committee of banking supervisors wants to extend them to "reduce the incentive banks currently have to leave some of their risks unhedged".

Wed, 01 Jul 2015 11:29:06 -0400
Global factory growth eases on weak Asia, Europe: PMI

A worker welds in a factory in Gravellona LomellinaGlobal manufacturing growth slowed last month as most Asian economies remained weak while Greek debt talks that dominated debate in Europe kept the euro zone in check, a business survey showed on Wednesday. JPMorgan's Global Manufacturing Purchasing Managers' Index (PMI), produced with Markit, nudged down to 51.0 in June, matching April's near two-year low. "The growth of manufacturing output remained subdued during the second quarter, with the rates of increase in new business and output slipping to their lowest since the first half of 2013," said David Hensley, a director at JPMorgan.

Wed, 01 Jul 2015 11:20:05 -0400
Strong truck, SUV demand helped Ford, GM raise prices in June

The front grill logo of a Ford F150 pick-up truck is shown in Carlsbad, CaliforniaStrong demand for sport utility vehicles and trucks in June helped General Motors Co and Ford Motor Co offset slowing demand for sedans by allowing them to raise prices on their trucks. GM and Ford said on Wednesday increases in the average transaction prices for their vehicles, particularly trucks and SUVs, outpaced sales volume growth that fell short of Wall Street expectations. Ford, for example, said prices for its F-series trucks rose 8 percent, or $3,600, while sales volume for the pickup truck line dropped 8.9 percent in June.

Wed, 01 Jul 2015 12:34:35 -0400
Big U.S. investors expect Greeks to vote in favor of bailout: Reuters Poll

Euro coins are seen in front of a displayed Greece flag in this photo illustration taken in ZenicaReuters spoke to large U.S. money managers across several asset classes, and 15 of 21 said they expected Greek voters to answer yes to a question whether Athens should accept the proposal submitted by the European Commission, the European Central Bank and the International Monetary Fund on June 25. The Greek people must be very scared at this stage, said David Kelly, chief global strategist at JPMorgan Funds, which manages $800 billion in assets. "The arguments in favor of a 'yes' vote grow every minute the ATM machines dont dispense money," said David Kotok, chief investment officer at Cumberland Advisors in Sarasota, Florida.

Wed, 01 Jul 2015 12:08:30 -0400
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