Good afternoon everyone. After a brutal start, Chinese shares successfully reversed course to lift the SHCOMP up 0.46% for the day. Hong Kong’s Hang Seng Index meanwhile rallied 0.43%, while Japan’s Nikkei Average soared nearly 0.7%. In currencies, the Euro continued to crumble against most of its peers today, hitting an eight-year low against the Pound and becoming just a whisker away from reaching parity with the Dollar.
Here’s what else you need to know:
German finance Minister Wolfgang Schäuble still wants a Grexit. In a radio interview, Grexit fan Wolfgang Schäuble cast further shade on Greece by saying “everybody knows that a debt cut is incompatible with membership of the currency union” and that a Grexit “would perhaps be the better way for Greece.” He did call the Greek government’s austerity approval “an important step” though, so it’s not like he was totally awful about it. Financial Times (paywall)
Singapore’s June exports blow away forecasts. Amid strong demand from China, Europe, and the U.S., Singapore’s domestic exports rose 4.7% year-on-year, beating analyst’s estimates and blowing away May’s 0.3% decline. MarketWatch
Uncle Carl called BlackRock an “extremely dangerous company.” Citing BlackRock’s multitude of “illiquid” ETFs, Carl Icahn called the giant asset manager an “extremely dangerous company.” Larry Fink did not appreciate the swipe, calling Icahn “dead wrong.” Reuters
Netflix unlikely to hit China this year. Netflix CEO Reed Hastings said on a conference call that his company’s foray into China might be delayed beyond their initial goal, saying “we still have some things to figure out.” He added: “until you get the wide range of government permissions that you need, you don’t know … we’ve got the content. We will be ready to go then.” SCMP (paywall)
Photo credit: EU Council Eurozone via Flickr