1. Greek Prime Minister Alexis Tsipras faces a showdown with rebels in his own party on Tuesday furious at his capitulation to German austerity demands. The terms imposed by international lenders led by Germany oblige Tsipras to abandon promises of ending austerity.
10 things you need to know about worldwide markets
Here are 10 things going on in markets all around the world that you need to know about.
2. Britain could be forced to pay up to £1 billion ($1.55 billion) in emergency loans to Greece after Jean-Claude Juncker tore up a “black and white” deal to protect UK taxpayers from Eurozone bailouts, The Telegraph reports. The European Commission president wants to revive a mothballed bailout fund that will use the EU budget as collateral against €8.6 billion (£6.12 billion, $9.47 billion) of short-term bridging loans to Greece.
3. US Stocks rallied overnight after Greece appeared to reach an agreement with its creditors over the weekend, taking one step away from a Grexit. The Dow rallied 1.2%, the Nasdaq gained 1.4%, and the S&P 500 climbed 1.1%.
4. Asian stocks have been mixed overnight. Hong Kong's Hang Seng is down 0.8% at time of writing while Japan's Nikkei is up 1.4%. China's Shanghai Composite has slipped back into the red after a 2-day rally, down 0.9%.
5. Greece missed another payment deadline Monday in its rush to push bailout measures through Parliament in Athens. The FT reports that Greece missed a €456 million (£324 million, $502 million) payment due the International Monetary Fund, meaning it is now €2 billion (£1.42 billion, $2.2 billion) in arrears.
6. Bank of England Governor Mark Carney is set to appear before MPs on the Treasury Select Committee at 12.45 pm BST (7.45 am ET) Tuesday. He's expected to face questions on Greece, inflation, and the housing market.
7. UK inflation data is due at 9.30 am BST (4.30 am ET). Economists are forecasting that Britain could edge closer to deflation once again, with 0% growth in consumer prices forecast for June.
8. State-backed Chinese private equity firm Tsinghua Unigroup is reportedly offering to buy US memory chipmaker Micron Technology for $23 billion (£14.8 billion), according to The Wall Street Journal. If it goes ahead, the deal would be the biggest Chinese takeover of a US company in history. Micron has denied it has received an offer, according to the FT.
9. US, European, and Asian energy firms will compete Wednesday in Mexico's first oil auction since a historic reform brought back private investors, nearly 80 years after they were kicked out. The government is offering 14 blocks in shallow waters of the Gulf of Mexico worth an estimated $17 billion (£10.9 billion) in total, in a contest that includes seven consortiums and 18 individual companies.
10. Google-owned YouTube is seeing "accelerating" growth despite competition from Facebook and others in video, according to YouTube chief executive Susan Wojcicki. Wojcicki said she is pleased with the growth in people watching videos on the service, and that YouTube still stands apart even though Facebook claims to have more video views.
Source: Business Insider.
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