LeapRate has been informed from several financial spread betting firms of solid volume activity early European hours as there are big jumps in pre-market futures for the German DAX index as well as the France CAC, both rising as the Greek government submitted a proposal accepting austerity to get debt relief.
The CFD market is creating good volatility this month as markets are reacting to all sorts of macroeconomic news from China to Greece, as well as continued speculation regarding the Federal Reserve’s ability to raise interest rates in September FOMC meetings, this after last Friday’s not so hot jobs report.
At time of writing, Germany DAX and France CAC 40 index futures before market open on Friday July 10th, up big in pre-market trading. Courtesy: Investing.com
Timeline of key events in the Eurozone
– Jul 10 Greek PM Tsipras briefs Syriza’s parliamentary group on Greek proposal
– Jul 10 ESM Board of Directors votes to approve Greece’s bailout proposal
– Jul 10 Greek parliament to vote on bailout proposal
– Jul 10 ECB Coeure speak at economic analysis group associates in Finance,Paris
– Jul 10 Fitch to publish rating update on Germany and Luxembourg
– Jul 10 S&P to publish rating update on Germany, Malta
– Jul 10 Moody’s may publish rating update on EU, Netherlands
– Jul 11 Eurogroup teleconference meeting
– Jul 12 EU 28 Leaders Summit on Greece — final deadline
– Jul 13 Eurogroup meeting
– Jul 13 ECB to review Greek bank ELA
– Jul 13 ECB publishes asset purchases settled previous Friday
– Jul 13 Greece to pay IMF loan E467mln
– Jul 13 Greek govt extended bank holidays/capital controls expire
– Jul 14 German Jul ZEW business survey
Source: Market News International (MNI) A Deutsche Börse company
This weekend Eurogroup Meetings will continue as Greece looks for a resolution to stay put within the EMU. Markets are now more focused on the Chinese stock market which has lost three Greece’s in terms of market capitalization in the last few days, as has been reported here on LeapRate. Many have been speculating whether this is the time the People’s Bank of China loosens up the Renminbi trading band a bit further as they try to avert further losses in their overheated stock market.
China’s slowing growth could also be reason to widen the band more as a weaker currency could spur renewed export activity as they move to do a managed liberalization of the currency. Stay tuned to LeapRate as we have seen lots of market moves so far to begin the month. Record wise July may eclipse June’s strong performance in terms of volumes for the global trading industry, and of course we will bring you all of those reports.
Shanghai Stock Exchange Composite Index 5 Year Chart. Courtesy of Bloomberg