Today's Top Stories - July 1, 2015  

 

BEWARE THE BELL! U.S. stock index futures pointed to a sharply higher open on Wednesday, after a deal between Greece and its international creditors looked possible More

Is anybody listening? U.S. Government debt threatens to send U.S. economy into death spiral, CBO warns More

EUROPE: European equities jumped on Wednesday, buoyed by new hopes that a deal could be found between Greece and lenders More

Greece's Bailout Expires, Country Defaults on IMF Payment More

Greek crisis: Markets up on report of Tspiras climbdown A letter showing the Greek government is willing to concede ground in talks with creditors has sent markets higher More

What a Grexit will cost EU? Of the eurozone members, Germany's exposure to the two bailouts totals 57.23 billion euros, France's is 42.98 billion, Italy's is 37.76 billion and Spain's 25.1 billion. According to a German official, direct and indirect losses for Germany would be as high as 770 billion euros if Greece were to leave the currency union. More

Greece requests more time to repay IMF: The Greek government has requested more time from International Monetary Fund to repay a 1.5 billion euro loan installment that was due on Tuesday midnight. More

ASIA: Asian shares outside China drifted higher on the first trading day of the third quarter, as traders digested a raft of economic indicators and news that Greece missed the deadline for a payment to the International Monetary Fund hours after its bailout program expired More

OIL: Oil prices fell over 1 percent on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund, and as both U.S. and OPEC production hit new records More

GOLD: Gold struggled close to its lowest in nearly four weeks on Wednesday, as the dollar stood tall after Greece missed a loan payment to the International Monetary Fund More

Financial crises are supposed to be good for gold After all, unstable situations theoretically cause investors to leave the risk of stocks for the comfort of hard stores of wealth. That's why gold tends to be considered a risk-off asset, meaning that it rises when investors shy from risk More

Corporate Welfare Takes A Blow - Export-Import Bank's Charter Expired at Midnight: While Ex-Im is legally required to begin unwinding itself, don't be surprised if Congress attempts to sneak an extension through while you're not looking More

Mortgage applications drop 4.7% on highest rates in 9 months Rising mortgage rates are taking their toll on both home buyers and home owners looking to save on their monthly payments More

Puerto Rico shocks, but not yet rocks, muni market Puerto Rico's brewing debt crisis has pummeled its bonds, but so far not the more than $3.5 trillion broader municipal bond market More

The Economic Illiteracy Of Obama's Overtime Rule Regulations: With the flick of his magic pen, President Obama will soon grant millions of workers overtime play. At least, that's the fantasy being peddled by the White House and regurgitated by a credulous press More

Obamaconomy … U.S. Debt Headed Toward Greek levels: "The United States may not be facing full-scale financial insolvency at the levels Greece is experiencing, but with the Social Security Disability program facing bankruptcy within a year and the Highway Trust Fund expected to be insolvent by the end of the summer, it's obvious we have to be wiser with the federal pocketbook if we want to have any hope of getting the budget under control" More


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