The Greek government outlined its reformation plans to EU officials today, offering fresh proposals that many hope will secure it the necessary approval from its creditors and see the much needed emergency funding released. Prime Minister Alexis Tsipras indicated further signs of compromise with its lenders and monitors as he warned of the significant costs of failure. Preparing to meet German Chancellor Angela Merkel and French President Francois Hollande the Greek PM struck a more cooperative tone and is expected to increase the rate of VAT and acknowledge a higher budget surplus target in an effort to meet lenders half way after months of talks which have mostly ended in stalemate.
Global stocks extended their sell-off today as an increasing number of investors speculated that the US Fed would raise interest rates sooner than expected. The NFIB small business optimism reading resumed its climb to a five month high in May, reaching 98.3 as it surpassed expectations of a modest month-on-month increase to 97.2, according to a Bloomberg survey. Strong jobs data seen on Friday was still heavily influencing investors decision making as the expectations of a September hike saw benchmark indices across Asia, Europe and the US drift lower throughout the day.