As the big global banks and investment houses see it, almost every outcome of Greece's stand-off with its creditors leads to a weaker euro. So why isn't the single currency falling?
U.S. stocks ended higher on Monday, with the Nasdaq closing at a record as hopes grew that a deal would be reached to prevent Greece from defaulting on loans.
Oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets.
German business leaders urged Chancellor Angela Merkel to take a tough line with Greece at an emergency summit of euro zone leaders later on Monday, saying only reform concessions from Athens could keep the country in the euro zone.
Greek shares .ATG rose 6.8 percent in morning trade on Monday on hopes that Greece was closer to reaching a deal with its international lenders.
Euro zone leaders will attend an emergency summit on Monday, hoping to thrash out a plan with Athens to provide Greece with additional funds to prevent it defaulting on its debt -- but only if both sides play ball.
Euro zone leaders will hold an emergency summit on Monday to try to avert a Greek default after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remain deadlocked over a debt deal.
The Nasdaq Composite on Thursday erased its last standing milestone from the dot-com era as it set a record intraday high, with stocks on Wall Street in rally mode boosted by strong economic data.
Bond yields and the dollar fell on Thursday after the Federal Reserve signaled that U.S. interest rates would rise more slowly than markets had expected, while Greece's drift closer to default pushed European stocks lower.
The U.S. dollar slid on Wednesday while Wall Street stocks rose in volatile afternoon trading after the Federal Reserve signalled it may wait until late this year to raise interest rates.
The Greek central bank warned on Wednesday that the country would be put on a "painful course" towards default and exiting the euro zone if the government and its international creditors failed to reach an agreement on an aid-for-reforms deal.
U.S. permits for future home construction surged to a near eight-year high in May, suggesting a building up of momentum in housing and the broader economy after a dismal performance at the start of the year.
European shares hit a near four-month low and yields on lower-rated euro zone sovereign debt climbed to their highest point since November, as financial markets braced for the possibility of Greece defaulting on its debt.
Stocks fell on Wall Street on Monday as investors fretted over the consequences of a possible debt default by Greece, but talk of multi-billion dollar healthcare deals buoyed shares in the sector, cutting into the market's loss.
China will pledge a multi-billion dollar investment in Europe's new infrastructure fund at a summit on June 29 in Brussels, according to a draft communique seen by Reuters - Beijing's latest round of chequebook diplomacy to win greater influence.
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