- Greek stocks crashed 23% at open after the stock market was closed for five weeks as part of the country's capital controls measures. Banking stocks were the worst hit, with National Bank of Greece's share price hitting limit down after falling by 30% in the first minutes of trading. Banks are expected to need between 10 billion euros ($10.97 billion) and 25 billion euros in fresh capital from a third bailout for Greece, which is being negotiated with creditors now.
- Puerto Rico defaulted on some of its bonds over the weekend, signaling increasing difficulty for the commonwealth to stay current on its debt, the Financial Times reports. The territory did not make a $58 million payment on Public Finance Corporation bonds, saying on Friday it did not have the money, according to various media reports quoted by the paper.
- HSBC (HSBC) agreed to sell its Brazilian unit for $5.2 billion to Brazilian banking group Bradesco in a transaction that still needs regulatory approval and could be completed by June next year. The acquisition of the underperforming HSBC unit will allow Bradesco to close the asset gap with larger rivals Itaú and state-controlled banks Banco do Brasil and Caixa Econômica Federal.
- China's factory activity contracted by most in two years in July, when new orders fell. The final, private Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 47.8 in July, the lowest since July 2013, from 49.4 in June. That was worse than a preliminary reading of 48.2 and marked the fifth straight month of contraction.
- Europe's largest economy started the third quarter in growth mode, according to German PMI data showing factory activity increasing in July. Markit's purchasing managers' index (PMI) for manufacturing, which makes up about one fifth of the German economy, stood at 51.8 compared with 51.9 in June, and above the 50 mark separating contraction from expansion.
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