The International Monetary Fund (IMF) wants the European partners of Greece to grant Athens relief on its debt, which it perceives to be “highly unsustainable.” According to the IMF memorandum, “Despite generous concessional official financing and further reform plans … debt dynamics are projected to remain highly unsustainable.” Furthermore, the IMF draft stated that, “To restore debt sustainability, in addition to our reform efforts, decisive action by our European partners to grant further official debt relief will be essential.”
Up to 50 percent of the banks in the United States, which are considered to be “too big to fail” is said to have a key proposal rejected by regulators. The Wall Street Journal reports that federal regulators plan to reject the “living wills” sent by 4 of the 8 systematically important US banks.
Asian equity markets are edging up following the upbeat Chinese trade data. The customs department of the Asian country indicated that exports soar by 11.5 percent in USD denominated terms from March 2015, surpassing anticipations for a 2.5 percent rally. As of 1:15 AM ET, the Shanghai Composite Index surged by 2.34 percent, the Hang Seng climbed 2.80 percent, while the Nikkei shot up by 2.75 percent.
European and US stock futures are edging up by up to 1 percent during early trading. The Nasdaq gained 0.8 percent, the S&P 500 inched higher by 0.1 percent, and the Dow Jones added 0.9 percent.