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T3 Take 3: Yellen Speaks, World Markets Rally, and Apple Is Back in Black


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

T3 Live will be hosting its first annual Finance Festival this year!

The event will be held November 6-8 at the Mayfair Hotel & Spa in Coconut Grove, Florida, just minutes from Miami beach.

We'll kick off Friday evening with a VIP dinner followed by a weekend full of insightful keynote discussions, great food, and what promises to be the party of the year!

Click to Learn more about T3 Live's Finance Festival

World Equity Markets Rally

Global markets rallied as Greece's proposals to the European Commission appears to be well received, at least by France and Italy. French president, Fancois Hollande, stated that the submitted proposal was "serious and credible", while Italian Prime Minister Mattae Renzi said that he is optimistic a deal can be reached.

Germany, Greece's largest creditor, warned that there will be little room for compromise. The Eurogroup forum for discussing European monetary policy will meet on Saturday to address the plans. Eurozone heads are scheduled to meet Sunday afternoon, followed by a full EU summit two hours at which they will decide Greece's fate.

The optimism pushed the S&P 500 up 1.2%.

All major European indices rallied well above 1%, the German DAX gained 2.90%, while the French CAC finished up 3.1%.

Most Asian markets rallied as well. China's government kept its suspension of trading on most companies and the Shanghai Composite surged 4.5%. Meanwhile, the Hang Seng jumped 2.1%.

Yellen Speaks

Federal Reserve Chair, Janet Yellen spoke in Cleveland today. During her speech, she reiterated her view that a rate hike in 2015 seems appropriate. She did mention that unexpected events could alter the timing of a rate hike.

Yellen also noted that the course of the economy and inflation remain highly uncertain, and that rate hikes will be gradual.

Markets didn't have much reaction to her speech since there were no surprisees.

Apple Climbs Back

Apple (AAPL) shares rallied 2.7% today, climbing back from yesterday's slump.

On Thursday, Apple's weakness preceded the major averages losing most of their gains.

News reports indicate that Apple may be placing very large orders for its next lineup of iPhones, implying expectations of very strong sales. Additionally, the bounce back in Chinese equity markets helped, as China is a major market for Apple products.

Monday's Financial Outlook

The lone US economic datapoint for Monday is the Monthly Budget Statement for June.

Overseas, we wil seefeature the Bank of England's Credit Conditions & Bank Liabilities Survey numbers, and Chinese New Yuan Loans and Foreign Direct Investment figures.

There are no major earnings reports scheduled for Monday.
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