On 20 July, 2015 – European markets advanced as Greek banks reopened for the first time in three weeks

Stocks were mixed in lackluster trading. With little new economic data, earnings are in the spotlight for investors.
United States
Stocks ended slightly higher after a mostly listless day of trading. The Nasdaq eked out its another nominal high. Investors had their eye on company earnings news after weeks of fretting over Greece’s debt crisis and a steep slide in China’s stock market. The Dow Jones industrials and S&P inched up 0.1% while Nasdaq added 0.2%.
Technology stocks rose more than the rest of the market. Gold slumped to its lowest level in five years, pulling mining stocks lower. A nearly three week slump in oil prices deepened. Toymaker Hasbro and Halliburton advanced after reporting results that were better than were expected. PayPal surged on its first day of trading as a stand-alone company after its separation from eBay. Newmont Mining slid as gold prices slumped.
Morgan Stanley said that second quarter profit was US$1.81 billion or 85 US cents per share. The bank reported revenues of US$9.74 billion. Excluding accounting adjustments, revenue was US$9.56 billion compared with the expectations of US$9.10 billion. United Technologies sold its Sikorsky helicopter unit to Lockheed Martin for US$9 billion. International Business Machines said its second-quarter earnings fell 17%. This was the company’s 13th-straight quarter of revenue declines on the year.
On Monday, Greek banks reopened for the first time in more than three weeks. The European Union sent Athens the short-term money it needs to pay off a €4.2 billion debt to the European Central Bank and clear its arrears with the International Monetary Fund. Other hurdles remain before Greece secures its third bailout.
Gold at the afternoon London fixing dropped US$28.20 to US$1,104.60. Copper futures were down 0.9% to US$2.47. WTI spot crude was down 98 US cents to US$41.91. Dated Brent spot crude was down 61 US cents to US$56.49. The US dollar was up against all its major counterparts including the euro, yen, pound, Swiss franc and the Canadian and Australian dollars. The Dollar Index was virtually unchanged. The yield on US Treasury 30 year bond was up 1 basis point to 3.09% while the yield on the 10 year note added 2 basis points to 2.37%. 
Europe
European markets once again advanced as investor concerns over Greece continued to ease after banks reopened for the first time in three weeks. Capital controls remain in place. The IMF announced that Greece has repaid the roughly €2 billion that it owed. After making this payment, Greece is no longer in arrears to the IMF. The FTSE was up 0.2% and the DAX added 0.5%. Both the CAC and SMI gained 0.4%.
Deutsche Bank and Commerzbank gained. Fresenius and Fresenius Medical Care climbed as well. Deutsche Telekom and Deutsche Post finished higher. Alstom, which reported growth in first-quarter group sales, climbed. Crédit Agricole and Société Générale advanced. Automakers Peugeot and Renault were up on the day. Mining stocks were under pressure after gold and platinum prices fell to 5 year lows. Randgold Resources, Fresnillo and Antofagasta retreated.
Standard Chartered, which announced a new management team, advanced. Aveva Group surged after it said it was acquiring selected Schneider Electric industrial software assets in a debt-free cash basis. Tullow Oil declined after the energy firm said it would review its 2015 production forecast for Jubilee Field and provide an update on progress at its half yearly results on July 29. Julius Baer was down after the private banking group reported a lower profit for the first half of the year.
Asia Pacific
Stocks were mixed as the recent Greece driven relief rally faded and commodities drifted lower amid a stronger dollar on growing expectations the US Federal Reserve is on track to lift interest rates this year. The session was marked by thin trading volumes as markets in Japan and Indonesia remained shut for holidays.
Chinese stocks reversed early losses to finish the session on a firm note after the China Securities Regulatory Commission reaffirmed regulatory support for the equity market to restore investor confidence. The Shanghai Composite was up 0.9% while the Hang Seng was virtually unchanged (down 10.46 points). Home prices rose in 27 of 70 Chinese cities last month, with first-tier centers like Beijing leading the increase.
Both the S&P/ASX and All Ordinaries were up 0.3% in a lackluster trading session. ANZ, Commonwealth, NAB and Macquarie Group advanced after the Australian Prudential Regulation Authority said it would increase the average risk weighting for home loans from around 16% to at least 25% from July 1, 2016. Miners were mixed. The Kospi slipped 0.2%. The Sensex declined 0.2% ahead of the monsoon session of Parliament beginning Tuesday.
Global Stock Market Recap

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*
Both the Reserve Bank of Australia and the Bank of Japan publish minutes from their recent policy meetings.
*Note — all releases are listed in local time.