Daily Agenda: Panic in Chinese Stock Markets Ensues

The implosion in the Chinese equity market has continued, with theShanghai Stock Exchange Composite index decliningby more than 4.5 percent after opening down by nearly 8 percent in another highly volatile session. Local media sources have reported that more than half of the publicly listed companies on the Shanghai and Shenzen exchanges have voluntarily suspended trading in their companies’ shares. In reaction to what has turned into a route for mainland equities, the China Securities Regulatory Commission today announced an expansion of its purchase facility via the China Securities Finance Corporation Limited (CSR) to acquire shares of smaller capitalization companies as well as blue chips. The regulator also said that it will provide liquidity to brokerages to ensure none fail. In a statement on its website, the People’s Bank of China announced, without providing details, that it will assist CSR.

Final deadline set for Greece.欧元区领导人也要求希腊政府在周日之前接受已经概述的救助条款或开始脱离共同货币的程序. Leaders of all 28 members of the European Union will be present for Sunday’s emergency conference. In addition to bank closures and a scarcity of cash, there are growing concerns that the Greek medical system is starting to experience shortages of staple pharmaceuticals. Greek Prime Minister Alexis Tsipras today pledged to make an attempt to try to meet creditors halfway, with new proposals to cut government spending.

Jenkins to leave Barclays.Barclays today announced that Chief Executive Antony Jenkins is stepping down after the bank’s board decided to initiate a change in management. Chair John McFarlane will act as an interim CEO until a replacement is announced.

Fed notes to be released.Notes from the June 16–17 Federal Open Market Committee meeting will be released at 2 pm U.S. Eastern time. Some strategists anticipate语言的进一步转变that pave the way for tightening in September and the possibility of a further hike at year-end as theeconomy continues to improve. Yesterday the International Monetary Fund reiterated its recommendation that the Fed abstain from raising rates until 2016 to help offset global uncertainty.

日本央行不太可能在增税前缩减规模。日本首相安倍晋三（Shinzo Abe）的高级顾问本田裕久（Etsuro Honda）昨日表示，日本央行不太可能Japan在计划于2017年上调消费税之前，中国将能够缩减大规模量化宽松计划。随着家庭支出的下降，去年开始的第一阶段增值税导致了短暂的经济衰退。个人消费税税率将从目前的8%提高到2017年的10%。

英国推出成本削减计划. Chancellor of the Exchequer George Osborne today is delivering the first budget of a Conservative Party-led government in nearly 20 years. In comments before parliament, he called the measures a “One Nation Budget.” Observers expect that the measures will include cuts to social spending and in taxes for the middle class.

Corzine与MF Global客户达成和解。Jon Corzine and other former executives of futures broker-dealer MF Global have agreed to a $64.5 million settlement to conclude a lawsuit with investors who were impacted by the firm’s failure. The former New Jersey senator, governor and Goldman Sachs chair and CEO will meet the obligation through the liquidation of insurance policies for directors and officers of the firm. This marks the third settlement in favor of global shareholder led by the维吉尼亚州的退休ment Systemand the Queen ofAlbertaafter earlier agreements reached with underwriters who handles the sale of MF Global shares and debt.

Portfolio Perspective: A Grexit Will Have Limited Impact on North American Markets—Martin Murenbeeld, Dundee Capital Markets

布鲁塞尔和雅典之间任何进一步谈判的一个关键问题是，是立即实行债务减免，还是只有在希腊签署第二轮救助方案附带的条件之后才实行债务减免。然而，更紧迫的问题是欧洲央行的立场。

如果没有欧洲央行（通过希腊银行）提供更多流动性，希腊银行就无法打开大门。欧洲央行可能会提高上限，并向希腊银行提供更多流动性，不过这可能需要布鲁塞尔和欧盟领导层的指示。目前看来，德国总理默克尔（angelamerkel）并不急于批准欧洲央行。

The North American fallout of a Grexit is likely to be modest. Neither Canada nor the U.S. has much exposure to Greece. Bond market volatility in Europe will, however, affect North American markets for fixed income. Any subsequentflight to safety into U.S.and Canadian government bonds will affect North American equity markets. So some volatility in local financial markets cannot be ruled out. But any impact is likely to be of short duration.

马丁穆伦贝尔德是该组织的首席经济学家Dundee Capital Marketsin Vancouver.