The Traderszone Network

Canadian growth looks to turn around 4 straight losses
At the bottom of the hour we get the latest growth figures for May. 0.0% is expected from -0.1% prior m/m. If we go negative again that will be the 5th consecutive minus

Oil prices fell on Friday as concern over global oversupply intensified after the head of oil producers’ cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. Badri said rising demand would prevent a further fall in oil prices and suggested cuts in OPEC output would not have much impact on the market. Brent was down 50 cents at $52.81 a barrel by 0825 GMT after settling 7 cents lower in the previous session.

Greek Prime Minister Alexis Tsipras staved off an immediate challenge to his premiership, though failure to appease his party’s hard-left fringe brought early elections into view. After 12 hours of talks, the central committee of the anti-austerity Syriza party decided in the early hours of Friday to hold an emergency congress in September, in which Tsipras’ move to accept a strings-attached rescue program from international creditors will be put to the vote.

read more

Honda Motor Co said on Friday its quarterly net profit jumped 20 percent, beating estimates, as strong sales in the United States and a weak yen helped it absorb the impact of higher quality-related costs. April-June net profit at Japan’s third-biggest automaker rose to 186.04 billion yen ($1.50 billion), from 155.60 billion yen a year earlier. Honda reported the first-quarter results under international accounting standards for the first time.

After more than doubling in a year, China’s stock markets fell into a savage correction in mid-June.

News just breaking from the Central Bank of the Russian Federation
– effective 3 August
– says it will further decide on its key rate depending on the balance of inflation risks and risks of economy cooling
Full CBR statement

Softer Italian PPI following on from earlier
French data
– yy -2.3% vs -1.9% prev
Meanwhile the draw of the helps see EURUSD up to 1.0989
1.1000 expiry
EURGBP 0.7045 from 0.7057 in what has been another month-end buying gift. Don’t say you weren’t told!