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DarkKnightNomeD

Greece - Forex and Stock Market news since greece said NO.

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Volatility, Confusion Reign As PBoC Intervenes: Chinese Stocks Surge Then Tumble

Submitted by Tyler Durden on 07/05

http://www.zerohedge.com/news/2015-07-05/volatility-confusion-reign-pboc-intervenes-chinese-stocks-surge-then-tumble

"Rainbows always appear after rains," China's state media said over the weekend, in a blatant attempt to create the conditions for a self-fulfilling prophecy when the country's battered equity markets opened for trading on Monday. 

China's brokers and mutual funds each took steps on Saturday to help stabilize the market which has collapsed 30% in just three weeks, thanks in part to a massive unwind in the shadowy world of backdoor margin lending.

On Sunday, the China Securities Regulatory Commission announced that China’s central bank is set to inject capital into China Securities Finance Corp which will in turn use the funds to help brokerages expand their businesses and reinvigorate stocks. Translation: China’s central bank is now underwriting brokers’ margin lending businesses. 

Now, the trading week is officially underway and the above-cited "rainbow" thesis is being put to the test early and often as panicked housewives and banana vendors looking to sell the rips battle the PBoC for control of an insanely volatile market.

Edited by DarkKnightNomeD
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Forex traders keeping eyes this morning on ‪#‎Malaysia‬’s currency amid ‪#‎Grefenderum‬, ‪#‎1MDB‬.

Ringgit breaches 3.80 level against USD

http://www.nst.com.my/node/90993

Read the rest in the article above.

"A dealer said the fall in the ringgit was in tandem with other regional peers as demand for emerging-market assets was dampened by the increasing risk that Greece will exit the eurozone after the country voted to reject the terms of a bailout."

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Greece Impact: Nikkei lost 339 (1.65%) after the opening bell....

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China Waits With Bated Breath for Monday’s Opening Bell

With stocks swooning, trillions of dollars -- and confidence in government policy -- hang in the balance.

https://foreignpolicy.com/2015/07/05/china-waits-with-bated-breath-for-mondays-opening-bell-stock-market-shanghai-crash-scare/?utm_content=buffer24d4d&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

  • By Allen-Ebrahimian July 5, 2015

While much of the world’s attention remains focused on the Greek debt crisis, another financial storm of much greater proportions is brewing on the other side of the world. In a dizzying drop, the Chinese stock market has lost about $2.7 trillion, or about a quarter of its value, since June 12 — an amount equivalent to six times that of Greece’s foreign debt. Much of the lost wealth has hit the pocketbooks of middle-class Chinese. As China’s government rushes to prop up prices, millions of Chinese are on tenterhooks as they anticipate a Monday opening that could make or break their finances, and perhaps their confidence in the market’s future.

The Chinese government, widely seen as having staked its legitimacy on stable economic growth, has been active since once-sizzling stocks began to swoon in mid-June. Over the past several weeks, the government has cut interest rates, lowered capital requirements for banks, and released a draft law that would allow state-owned pension funds to invest in the markets. None of those measures staunched the bleeding, and after another brutal week for stocks, the government has used the weekend to announce major moves, some unprecedented. These include a moratorium on new initial public offerings on the Shanghai and Shenzhen exchanges, as well as the establishment of a $19.4 billion fund to buy shares in hopes of propping up demand. With the market due to open as usual on Monday morning, many in China are wondering aloud if those measures will be enough to stop the free-fall.

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European Parliament President Martin Schulz put forward a proposal to discuss the allocation of humanitarian aid to Greece.

http://sputniknews.com/europe/20150706/1024250795.html#ixzz3f4vrcFGA

"The promise of the minister of finance that the banks will open tomorrow and that money will be available for tomorrow and Tuesday seems to me very difficult and dangerous. And, therefore, because I believe that the Greek people will be, during the week and even every day in a more difficult situation, I think we should tomorrow, at the latest on Tuesday for the Eurozone summit discuss a possible humanitarian aid program for Greece," Schulz said on Sunday.

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     @george_chen 32m32 minutes ago

BREAKING: CHINA'S NATIONAL SOCIAL SECURITY FUND (PENSION FUND) ORDERS ALL ITS ASSET MANAGERS "NOT TO SELL A SINGLE STOCK" - CAIJING MAGAZINE

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Breaking-Hardline Syriza to interpret EU summit conclusion as war declaration. Danger of complete withdrawal from negotiations, spiraling into chaos

 

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From Ftown

China is just going through what America went through in 2008, China will recover just like we did. If not Obama will go there and create jobs, since that's his answer for everything.

 

CNBC World: China securities regulator says there is "panic sentiment" in stock market, big increase in irrational selling

 

Also strange and bizarre -

From a reporter over in Greece-

For a reason yet to be determined, locals are telling me via telephone that there is now a sudden and extraordinary uptick in activities at the Greek Naval Base at Salamis. Others they have spoken to elsewhere in the country are also noticing sudden and heavy activity at various Greek Air Force Bases

Why would Greece be mobilizing its Air Force and Navy?

...

********* Update 8:38 PM: At least one Air Base involved in the sudden uptick in activity is the one located in a place called Eleusis.

 

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Now for a Break in Greece DOOM

2012 - The Greeks and Cypriots students of Birmingham dancing zorba in the center of Birmingham City.

Double click or click the full screen button on the video.

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