Markets in China defy gravity as the government’s interventions release the bulls and chain the bears. In Europe, investors are cheered by the return of the Greek government to the negotiating table with a set of proposals that look similar to the ones its voters rejected at the weekend’s referendum. Greece is now saying it will raise consumption taxes and reform pensions. It hasn’t asked for debt relief, but is expecting it in return. Intercontinental Hotels Group has announced the sale of the Hong Kong InterContinental to a local private equity firm for $938 million, cheering investors. Irish budget carrier Ryanair has agreed to sell its stake in legacy Irish carrier Aer Lingus, clearing its takeover by the owner of British Airways and Iberia for takeoff.

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