Good morning everyone. Hong Kong investors return from a one-day holiday to some pretty interesting news from the mainland, notably the China Securities Regulatory Commission’s recent announcement that it will no longer require brokers to enforce margin calls, preferring instead a “reasonable rollover” in margin trading.
Here’s what else you need to know.
Asian futures point higher. While U.S. and European investors cut risk before Greece, payrolls, and the fourth of July weekend, futures on Japan’s Nikkei 225 Index soared 0.5% in the Osaka pre-market while China’s recent cease-and-desist order on margin calls sent the FTSE China A50 Index futures up 3.3% on the SGX. Bloomberg
Moody’s cuts Greek debt rating down two notches above default. With the Troika now less likely to support Greece, Moody’s has cut the nation’s “government bond rating to Caa3 from Caa2 and placed the rating on review for further downgrade,” adding that “(r)egardless of the outcome of Sunday’s referendum, the probability of a supportive programme being agreed and remaining in place has fallen.” Moody’s
Greece breaks the Internet. Constant refreshes of the E.U. newsroom page by journalists “broke the Internet” Wednesday, causing a delayed post of a video statement by the president of the Eurogroup about Greece. The video was less than positive, saying there is “no ground for further talks at this point.”
Fannie and Freddie get millions in raises. The chief execs of mortgage-finance firms Fannie Mae and Freddie Mac will take home millions this year, after regulators approved big raises. Salaries for CEOs Timothy Mayopoulos and Donald Layton have been capped at $600,000 for the past two years. WSJ
Britain’s Schindler dies at 106. Sir Nicholas Winton, an activist who saved more than 650 Jewish children from the Holocaust, has died at age 106. The Brit of German Jewish descent, the then clerk at the London Stock Exchange arranged trains from Nazi-occupied Prague to bring children to Britain. ABC
ChinaOh snap, White House! The legendary 1600 Pennsylvania Ave. has changed its standing ban on photography, allowing tourists to snap pics and share them on social media. First dogs Sunny and Bo are already blowing up Instagram, no filter necessary. Washington Post
Photo credit: Bernd Thaller via Flickr