Good afternoon everyone. Topping the news today was the Greek parliament’s passing of a second group of Troika-demanded measures in order to resume bailout talks tomorrow. While the European markets soared in approval, targets for the Club Med country still remain out of reach for an economy deep in recession. Over in China, Chinese markets clocked in their sixth-straight day in the red with the SHCOMP rallying over 2.4%, Shenzhen up over 2.8%, and the CSI 300 Index adding nearly 2.3%. Hong Kong and Japan meanwhile were a little more muted, finishing the day up 0.6% and 0.4% respectively.
Here’s what else you need to know:
U.K. retail sales unexpectedly drop. Defying the market’s expectations, U.K. June retail sales came in down 0.2%, a 0.5% drop from May and well below the 0.4% estimate. The Pound promptly relinquished some of its recent gains against the Euro. Bloomberg
Japan’s trade deficit shrinks as exports rip higher. A surge in car sales as well as electronics sent Japan’s exports soaring at their fastest pace in five months. The nation’s trade deficit meanwhile shrank to $560 million, a dramatic improvement from the $1.8 billion deficit it posted in May. SCMP (paywall)
Wal-Mart takes control of Yihaodian. Retail giant Wal-Mart has just acquired the remaining shares Chinese e-commerce company Yihaodian that it didn’t already own, and is now in the process of linking it to its stores. WSJ (paywall)
Credit Suisse profits beat estimates. Embattled Swiss bank Credit Suisse surprised analysts by posting over a $1 billion in net profit, nearly $300 million more than expected. MarketWatch
Hyundai announced its first ever interim dividend. In an effort to calm investors over weak sales, lackluster profits, and a contentious $10 billion land purchase, Hyundai is set to pay over $230 million to its investors. Financial Times (paywall)
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