Even as the fate of Greece lurches from emergency meeting to emergency meeting, some voices argue that Europe may sort itself out in the end, and that the real worry for the world should be China and the crumbling of its stock markets (See, for example, James Altucher’s “It’s China (not Greece), stupid”)
Californians are feeling some pain at the pump, but the rest of the country doesn't have to worry about gasoline prices soaring, top industry analyst Tom Kloza said Monday.
As companies in the benchmark Standard & Poor's 500 begin to release lackluster second quarter results, rich valuations threaten to keep the U.S. stock market spinning in place.
The dramatic stock rout and subsequent heavy-handed interference by authorities will not be easily forgotten. It has not just rattled investor confidence, but also damaged the political credibility of President Xi Jinping.
U.S. stocks were tipped to open higher on Thursday, as a recovery in battered Chinese stocks lifted sentiment, while focus remained on efforts to avert the collapse of Greece.
When the price of West Texas Intermediate crude oil shed 7.7 percent on Monday, falling to $52.53 per barrel, the general consensus in the financial markets and the media held that the primary cause was the crisis in Greece. It is no exaggeration to say that the country is on the brink of financial collapse. While government officials try desperately to negotiate a new bailout program with European creditors, there's no guarantee that a solution will emerge to correct the indebtedness.
The big intraday reversal on Tuesday had market players feeling more optimistic, but it turned into a bull trap as the Chinese markets crashed further overnight and the Greek uncertainty dragged on.
The U.S. trade deficit widened in May, fueled by a drop in exports that could heighten concerns over weak overseas demand and a strong U.S. dollar.
The euro (EUR=) slipped against a stronger dollar, falling over 1 percent after the European Central Bank decided to keep Greek banks propped up with emergency funds, but made it harder for them to access the funds.
Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro and stave off economic disaster as citizens suffer under a second week of capital controls.