Economics Europe >>>

    China Slowdown, Europe PMIs, Portugal, Corn

    WHAT TO WATCH: The euro-area PMI for July may show a slower pace of contraction. 9 a.m. (See chart below.) Euro-area finance officials hold conference call on Greek bailout. TBA. ECB publishes bank lending survey. 9 a.m. Portuguese Prime Minister Pedro Passos Coelho’s new Cabinet will be sworn in at 4 p.m. To read more, click here.

    Merkel Pledge, Osborne, Hungary Rate, Taper

    NEWS: Chancellor Angela Merkel pledged to keep Europe whole. The Fed will trim its monthly bond buying in September, a Bloomberg survey shows. China’s government sees 7 percent growth as the bottom line. To read more, click here.

    G-20, Abe Victory, Swiss Franc, PBOC, Gold

    G-20 news: G-20 nations will pursue “carefully calibrated and clearly communicated” policy so the U.S. and Japan don’t spook markets when they roll back stimulus. Finance ministers advised Europeans to move away from budget-cutting and toward growth. To read more, click here.

    Bernanke, Barclays, Greek Vote, BOE Minutes

    NEWS: Ben Bernanke may tell Congress that reducing QE won’t presage an increase in the main Fed rate. Barclays and four ex-traders were fined $487.9 million by the U.S. Federal Energy Regulatory Commission in a probe into manipulation of energy markets. Moody’s said Ireland’s ratings outlook may stabilize by the end of 2014. To read more, click here.

    Japanese Shares Plunge Most Since Tsunami Aftermath

    Japan’s Topix index slid more than 5 percent, the most since the aftermath of the March 2011 tsunami and nuclear disaster, as financial companies plunged amid rising bond yields. The rout triggered a halt in Nikkei 225 Stock Average futures trading in Osaka. The yen rallied, snapping a two-day drop that took it to the weakest in [...]

    Bank-Deposit Data May Reveal Extent of Cyprus Panic in March

    Today’s euro-area bank-deposit figures for March may highlight the extent of the bank run in Cyprus even as a proposed deposit levy on savers was dropped after lawmakers refused to implement it. Greek’s deposit-growth rate turned positive for the first time in three years in February. Four nations experienced a drop in deposits on a year-over-year basis in February: [...]

    Banking Crisis, Bailout of Cyprus Unlikely to Be Repeated for Malta

    Crisis Watch by David Powell, Bloomberg Economist Comparisons between the dangers posed by the banking systems of Cyprus and Malta appear to be  misplaced, though the rapid expansion of the Maltese financial sector has the potential to someday become a problem. Click here to read the full article.

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