NEW YORK ( TheStreet) -- June 30, 2015 is the new Jan. 1, 2000. Many can recall the fear building into Y2K as the date neared, and we get a similar sense with concerns building ahead of the June 30 deadline for Greece to pay a big chunk of its debt to the International Monetary Fund. The chasm between the sides in negotiations regarding Greece's bailout remains large, and we believe the parties are playing a very dangerous game of chicken.
In other overseas action, the Shanghai Composite index of Chinese mainland shares was smacked around again, giving up 3.7% as the flood of new IPOs hitting that market may be causing a reallocation of funds.
In Europe but outside the EU, we saw Norway cut its interest rates to a historic low and indicating that they have additional room for further cuts if their economy continues to slump.
Meanwhile in the U.S. the Fed fury has subsided, as it looks like one hike remains on the table by year end -- economic data permitting. (In other words, no change). In response, bond yields and the dollar are lower, while stock index futures are indicating a higher open.
Earnings reports of interest today include Rite Aid (RAD), Kroger (KR), Finisar (FNSR), Smith & Wesson (SWHC), and Red Hat (RHT).
On the economic front, we are set to receive the May CPI data at 8:30 a.m., with consensus at 0.5% and the June 13 Initial Jobless Claims, with consensus at 277,000.
At 9:45 a.m. we'll get the Bloomberg Consumer Comfort report (June 14).
At 10 a.m., the June Philadelphia Fed Business Outlook is due, with consensus at 8. The May Leading Index will also hit the tape, with analysts looking for 0.4%. Last, at 10:30 a.m., the EIA natural gas storage change report is released.
- New home prices in China rose for the first time in 13 months in May, possibly signaling that the property downturn is coming to an end after billions in stimulus from the central bank and local governments. Average new home prices in China's 70 major cities climbed 0.2 percent in May from April, the first rise since May 2014, according to Reuters calculations based on official data released on Thursday.
- There will be no deal on Greece's bailout at a meeting of finance ministers in the eurozone today, Greek Finance Minister Yanis Varoufakis predicted, according to the FT.
- Confidence at Japanese manufacturers rose for the second straight month and retailers were at their most optimistic in over a year, a survey by Reuters shows. The monthly poll of 481 big and midsize companies between June 2 and 15, of which 263 responded, showed manufacturers' mood is seen improving further and service-sector morale remaining unchanged after rising for a third straight month in June.
- Investment by Chinese companies abroad surged in the first five months of the year, totaling nearly $45 billion, a jump of 47.4% in investment by non-financial firms. The government has been encouraging firms to invest abroad to slow down the rapid build-up of foreign exchange reserves and help local firms become more competitive internationally.
- A decision by a court in California that a woman driving for Uber was an employee of the company rather than a contractor could threaten the company's business model, although it does not extend to all the company's drivers. If more such decisions are taken, the company's costs would increase.