The Italian Economy grew by. 2 . The estimate was. 3 . France is stagnating and germany missed. Francine has had a little bit of an impact on euro dollar. Breaking news from greece. The government there is to request a confidence vote after talks concluded with the countrys creditors. Anchor it will follow a pame. To the e. C. B. Lets get straight to mark barton at the breaking news desk. This is a series of events that we thought might happen. Who brought this confidence vote forward . Mark yes, the vote passed. A majority of more than 151. Big majority. Hence we have the confidence vote after august 20 which as we know is the day that greece owes the e. C. B. Money. It needs that money to pay the e. C. B. So were in the quite there yet. Thet is just another day on calendar on top of a lot of dates in the next few days starting with the euro area finance ministers meeting at 3 00 p. M. In brussels. Lets remind our viewers what happened. Lawmakers approving that bailout that may unlock
Asian currencies definitely under pressure. Chinas move last week really shocked the market. I think it continues to tell the story. Saw. This big move we this is the move we are seeing here now. It is highlighting the extent of the move we are seeing it electrically show you. Month. Over the last you could see this they move for the u. S. Dollar. The asian currencies really focus right now. Caroline we did an interview with morgan stanley. Now there are 10 currencies. How much will we see . Have seen little change coming from the central bank. Chief economist saying the government might well be there to steady the ship. Guy lets continue to focus on china. Our guest is standing by in hong kong. Good morning as you say, it is all about the yuan. We are seeing some weakness coming through from hong kong shares. The enterprise indexed has followed by close to 2 . Foreigners are exiting out of chinese and hong kong stocks. It does make their assets less attractive. In and out of positive
We see the pboc once again holding steady, keeping that yuan at a steady level. Yuanconomists saying, the can rise, it can fall, and we will combat both moves should we need to. The dax up 0. 5 . Big vote on wednesday. Angela merkel trying to rearrange her schedule to get this vote through, talking potential debt relief for greece. Trying to woo the imf to get on board with the third bailout being offered to greece. That third payment comes on august 20. We are higher across the board looking at the eurozone when it comes to equities. The euro is down against the dollar. Weve got Interesting Data coming out of the u. S. Later today. We got manufacturing, inflation, we also get fed president william, voting member, speaking on his view of whether has what happened in asia changed the Federal Reserve . Still about 5050 think we will get the goahead in september. Euro still slightly lower against the dollar. Lets have a little look at how the Chinese Renminbi is doing. Stability back on c
In london. Manus first thing this morning, the german chancellor Angela Merkel says she is confident the International Monetary fund will contribute to greeces third bailout. Francine on wednesday, the German Parliament will vote on a rescue package. Manus speaking for the First Time Since euro area ministers backed the 86 billion bailout, Angela Merkel said she would consider debt relief to make it happen. Ms. Merkel with regard to the extension of maturities, we have room for maneuver. Just like we had in previous times, we did extend maturities. The repayment rates. It is always possible to do something else, but theres also a clear statement that they euro cant allow another haircut. Ourcine lets be to international correspondent, hans nichols, in berlin. How was Angela Merkels tone . Hans she was defensive. She knows she has a difficult challenge with the bundestag. She lost about 60 votes when they were authorizing her to proceed with these talks. We will see where that number co
The last three months. We see volumes about a third lower than usual, so take it as you will. Past a 200 Day Moving Average . Will we see the selloff, particularly in the auto sector, the export sector . Bmw is saying that it has been hit by the terrible explosion we saw in china. . Italy is opening up 3 10 of a percent lower. There is a risk of the selloff even as we get toward that deal with greece. The finance minister of germany is saying they will back the greek deal, but its not giving much appetite for buying equities, or with the euro which is coming off session lows. Seeing the euro lower and a commodities base continuing to feel the pain. You are seeing a lot of concern about asia and the emerging a continuousontinuous selloff adding to the pressure in terms of thailands economy. 50 billion or so in terms of tourism. We could see the selloff and commodities, with oil up by a tenths of a percent. Trade at the moment and that is feeding into european equities. This is an Oil Se