Morning Notes

07/07/2015 Argonaut Morning Note

U.S. stocks drifted lower Monday after Greeks resoundingly rejected creditors' conditions for further financial aid. More than 61% of Greek citizens voted "no" in Sunday's referendum on the terms for a bailout that included pension cuts, tax increases and other measures. The "no" vote appeared to increase the likelihood that Greece may eventually exit the eurozone. Meanwhile, worries about China's stock markets contributed to the price of oil falling to a three-month low. Energy companies were the worst performing group in the S&P 500, which lost 8 points, or 0.4%, to 2,069. The Dow Jones Index dropped 47 points, or 0.3%, to 17,684.

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06/07/2015 Argonaut Morning Note

Wall Street was closed on Friday for a public holiday.  Europe's main stock markets slipped with all eyes on Greece's weekend referendum on its bailout terms and future place in the eurozone. In the eurozone, the CAC 40 in Paris closed down 0.57 per cent to 4,808.22 points on Friday and Frankfurt's DAX 30 declined 0.37 per cent to 11,058.39 points amid the uncertainty over the outcome of the Greek referendum which the latest opinion polls say is too close to call. Outside the eurozone, London's benchmark FTSE 100 index of top companies fell 0.67 per cent to end the day at 6,585.78 points. The euro dropped below $US1.10 earlier before recovering slighting to $US1.1098 from $US1.1086 late in New York on Thursday.

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03/07/2015 Argonaut Morning Note

U.S. stocks posted small losses as a mixed report on June labor markets failed to pull attention away from Greece's weekend referendum on its creditors' demands. The Labor Department said 223,000 jobs were added to the U.S. economy in June, while the unemployment rate fell to 5.3% from 5.5%. The number of new jobs created came in just below expectations for 233,000, while wages remained flat and job creation in the spring was weaker than initially estimated, the Labor Department said. The Dow Jones index dropped 28 points, or 0.2%, to 17,730, while the S&P 500 closed flat at 2,077.

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02/07/2015 Argonaut Morning Note

U.S. stock prices rose on Wednesday after upbeat economic reports and signs that Greece and its creditors have a willingness to negotiate. Private payrolls in the U.S. increased by 237,000 jobs in June, according to a national employment report, and U.S. manufacturers are increasing activity, according to a survey released on Wednesday by the Institute for Supply Management. The ISM's manufacturing purchasing managers index rose to 53.5 in June from 52.8 in May, beating expectations of an increase to 53.2. The Dow Jones index finished Wednesday up 138 points, or 0.8%, at 17,758, while the S&P 500 closed 0.7% higher at 2,077.

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01/07/2015 Argonaut Morning Note

U.S. stocks climbed Tuesday, rebounding from midday losses, as a last-minute diplomatic scramble got under way to keep Greece from defaulting on its debt payments. Stocks swung in a wide range, with the Dow falling as much as 20 points at midday before rebounding into the afternoon. The gains come one session after the biggest loss of the year for major U.S. stock indexes, as investors grappled with the prospect of Greece defaulting on debt payments to the International Monetary Fund and ultimately leaving the eurozone. Earlier Tuesday, the Greek government submitted a new bailout proposal, just hours away from the expiration of its current rescue deal. Greece is set to default on a payment to the IMF at midnight Tuesday, heightening fears that the country could exit the currency union not long after.

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