(Reuters Anindito Mukherjee) Muslims eating their Iftar (breaking of fast) meal during the holy month of Ramadan at the Jama Masjid (Grand Mosque) of Delhi in the old quarters of New Delhi.
Here is what you need to know.
Greece missed its debt payment. Greece's government missed its 1.6 billion euro ($1.8 billion) payment due Tuesday to the International Monetary Fund, and it is now in arrears along with Somalia, Sudan, and Zimbabwe. The missed payment is the largest ever owed to the IMF.
Greek PM Tsipras reportedly will accept the latest bailout proposal 'with changes.' Tsipras reportedly wrote a letter to Greece's creditors asking for these two creditor demands to be amended. 1) "A 30% VAT discount to Greek islands to be maintained" and 2) "The process of raising the retirement age to 67 should not start immediately but in October," according to the letter, which was originally obtained by the Financial Times.
European manufacturing reports were mixed. Growth in Germany's manufacturing sector accelerated in June as Manufacturing PMI hit 51.9, up from 51.1 in May. The reading was in line with estimates. Elsewhere, France's Manufacturing PMI returned to expansion with a reading of 50.7, up from 49.4 in May. The reading beat economist expectations of 50.5. The euro is down 0.3% at 1.1116.
Chinese manufacturing disappointed. China's Manufacturing PMI held at 50.2, falling shy of the 50.3 that was expected. HSBC Manufacturing PMI also missed the mark, registering a reading of 49.4, compared with the 49.6 that economists were expecting. The number has been in contraction since November, aside from an aberration in February.
Macau gaming revenue tumbled to levels last seen in November 2010. Casinos in Macau saw gaming revenue sink 36.2% year-over-year to 17.4 billion pacatas, according to data released by Macau's Gaming Inspection and Coordination Bureau. Bloomberg reports, "The decline in June has eased for a fourth straight month since February, when gaming revenue plunged 48.6% for the worst monthly drop on record." The recent weakness has not stopped new casinos from opening, as Galaxy Macau just launched a $3 billion expansion.
Chinese stocks crashed. The Shanghai Composite collapsed 5.2% as trade continued its volatile ways. The index has not finished with a move of less than 1% since June 12, and it has experienced closes of -5.2%, +5.5%, -7.4% and -3.5% over the past week. Elsewhere, France's CAC (+2.2%) leads the advance in Europe after Hong Kong's Hang Seng (+1.1%) paced the gains in Asia. S&P 500 futures are higher by 17 points at 2,071.50.