Euro July Flash PMI's to remain unchanged or slightly up

Euro Area's consumer confidence will be published on Thursday and flash PMIs on Friday, both for July. No big moves are expected for the PMIs, and if anything slightly up. 

"A bridge loan will permit Greece to pay back to the ECB on Monday (EUR 3.5bn plus interests) and also to pay the arrears to the IMF", says Nordeabank. 

Greece has to adopt a second set of measures by Wednesday, including e.g. the EU Bank Recovery and Resolution Directive. 

Negotiating between Greece and "the institutions" about a Memorandum of Understanding (MoU) will start soon. The MoU is about all the details of policy conditionality attached to the financial assistance.