After months of drama, finally a deal.
Investors cheered the news that Greece finally clinched a deal with creditors after a marathon meeting, sending shares from Asia to Europe higher.
Most Asian stock markets, including China, closed up Monday, while European shares, alongside Italian bonds gained, according to both the Financial Times (paywall) and Bloomberg. Futures on the S&P 500 are also up.
Here in Asia, Chinese shares gained for a third day Monday, as the government’s efforts to go after short sellers, illegal margin lenders, stock market manipulators and other measures (including a rate cut and a reduction in banks’ reserve requirement ratio) to prop up the market that has been under heavy selling pressure since middle of last month seem to be having its intended effect on investors. The Shanghai Composite Index ended the day up 2.4%, according to The Wall Street Journal (paywall), though a number of firms are still suspended.
As the market stabilizes, IPOs are back in vogue. Chinese regulators froze IPOs during the height of the market downturn. But as share prices are on the mend, one of China’s top investment banks intends to sell shares for the first time through a public offering in Hong Kong, where equities have also bounced back after being dragged down by the poor sentiment in China. Read on..
High-ranking official at China’s highest court was detained on corruption allegations. Xi Xiaoming, vice president of the Supreme People’s Court, was detained for alleged “serious violations of discipline and laws.” The Wall Street Journal (paywall)
China International Capital Corp plans $1 billion HK IPO. The firm, which advised several Chinese state-owned companies during their initial share sale in Hong Kong, is planning to do its own IPO as early as October. CICC will be the latest Chinese broker to list in the former British colony this year after Guolian Securities and Huatai Securities. The Wall Street Journal (paywall)
China has best export performance in four months in June. Exports rose 2.1% last month from a year earlier, its first rise in four months. That was also its fastest rise since February. Imports, on the other hand, continued their decline, losing 6.7%, much slower than May’s 18.1% drop. Financial Times (paywall)
Chinese P2P firm exits margin lending business after renewed government crackdown. Miniu98.com said it would stop its margin lending business right after the country’s securities regulator asked brokers not to open their trading system to companies engaged in illegal businesses. Reuters
Photo credit: Rog b via Flickr