China hurts markets as well as Greece

•     China hurts markets as well as Greece

–    Most commodities down yesterday as fears of Chinese growth permeate markets

–    Commodity currencies were the worst performers

–    SEK also suffers due to its exposure to Europe, global growth

•     Greece gets Sunday deadline

–    Country must present plan by Thursday evening. Its plan must accept previous EU proposals and probably go even further.

–    Entire EU (including non-Eurozone countries) to meet Sunday night to discuss. Failure to agree then would mean Greece being ejected from the Eurozone, probably by having the ECB cut off aid to the banking system.

–    Greek official says the country will present today the “common ground” for agreement

•     Today:

–    Eurozone: No major indicators

–    UK:  Tax and spending changes in the Budget

US: Minutes of the June FOMC meeting. Attention will focus on changes in forecasts for Fed funds and particularly how many rate hikes the members expect this year. Also what impact will international events have on their plans for domestic policy