US stocks rose on Wednesday after the Greek Prime Minister is showing signs of willingness to accept the majority view and make a deal with creditors and US data pointed to a strong economy. In addition to the positive background, the financial sector rose after news of the takeover by the Swiss insurance giant ACE insurer Chubb for $ 28.3 billion.

As shown by the data submitted by Automatic Data Processing (ADP), private sector employment has grown stronger in June than in May, while the increase was more than the expectations of experts. According to a report last month, the number of employees increased by 237 thousand. Man compared with a revised upward index for May at the level of 203 thousand. (Originally reported 201 thousand.). According to forecasts of the value of this indicator was to reach 217 thousand.

In addition, in June manufacturing activity in the US has improved, beating forecasts a slight improvement. A report published by the Institute of Supply Management (ISM), showed that the PMI index for the US manufacturing in June amounted to 53.5 points against 52.8 points in May. The latter value was higher than the estimates of experts - is expected to increase to 53.1 points.

At the same time, spending on construction in the US increased by the end of May, exceeding the forecasts of experts, and reached its highest level in a little more than 6.5 years. According to the Ministry of Trade, in May construction spending rose by 0.8% to $ 1.04 trillion. on an annualized basis. It is worth emphasizing the last value was the highest since October 2008.

Most components of the index DOW traded in positive territory (23 of 30). Outsider shares in EI du Pont de Nemours and Company (DD, -4.00%). Most remaining shares rose The Travelers Companies, Inc. (TRV, + 2.50%).

The S & P mainly in positive territory. Most of the financial sector increased (+ 0.8%). The outsider is the sector of basic materials (-1.5%).

At the close:

Dow + 0.80% 17,759.91 +140.40

Nasdaq + 0.53% 5,013.12 +26.25

S & P + 0.70% 2,077.65 +14.54

Polish equity market declined on Wednesday. The broad market measure, the WIG Index, slumped by 0.63%. Sector-wise, oil and gas stocks (-3.12%) lagged behind, while technologies names (+0.59%) were the strongest group.

The large-cap stocks fell by 0.98%, as measured by the WIG30 Index. Oil and gas names PKN ORLEN (WSE: PKN) and LOTOS (WSE: LTS) led the decliners, correcting down 4.37% and 3.63% respectively. BZ WBK (WSE: BZW) plummeted by 3.88%, reversing gains from the previous trading session. On the other side of the ledger, BOGDANKA (WSE: LWB) led the risers, rebounding by 5.69% after closing at an all-time low the previous session. It was followed by SYNTHOS (WSE: SNS), posting gains of 4.09% on speculation the company may cut its CAPEX and increase dividend payments instead of this. Elsewhere, retailers CCC (WSE: CCC) and LPP (WSE: LPP) added 2.87% and 1.77% respectively on reported good sales results for June.

Stock indices closed higher on hopes for a deal between Athens and its lenders. Greek Prime Minister Alexis Tsipras said in a speech on Wednesday that Greeks should vote "no" in Sunday's referendum. He added that "no" would not mean that Greece have to leave the Eurozone.

Earlier, Greek prime minister signalled that he was ready to accept the most spending cuts demanded by the country's creditors.

German Finance Minister Wolfgang Schaeuble said on Wednesday that there was no basis to have further negotiations with Greece.

EU leaders have different opinions. German Chancellor Angela Merkel said on Wednesday that she would wait until the Greek referendum on Sunday is over before starting to negotiate with Greece again. But French President Francois Hollande said on Wednesday that a deal between Greece and its creditors should be reached before the referendum on Sunday.

Meanwhile, the economic data from the Eurozone was solid. Eurozone's final manufacturing purchasing managers' index (PMI) rose to 52.5 in June from 52.2 in May, in line with a preliminary reading. It was the highest level since April 2014.

The Netherlands was the strongest performer.

Markit's Chief Economist Chris Williamson said that June's PMI was "representing a major improvement compared to the malaise seen at the end of last year".

Germany's final manufacturing purchasing managers' index (PMI) rose to 51.9 in June from 51.1 in May, in line with a preliminary reading.

The increase was driven by a rise in output at consumer goods producers and in output in new orders.

"The overall expansions in output and new business were, however, well below levels seen at the start of last year," Markit economist Oliver Kolodseike said.

France's final manufacturing purchasing managers' index (PMI) rose to 50.7 in June from 49.4 in May, up from the preliminary reading of 50.5. It was the first reading above 50 since April 2014.

"The French manufacturing sector edged further in the right direction during June, with output and new orders broadly stabilizing. This was reflected in firms' hiring decisions, with the rate of job shedding easing to a marginal pace," Markit economist Jack Kennedy said.

Markit Economics also released its manufacturing purchasing managers' index (PMI) for the U.K. on Wednesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. decreased to 51.4 in June from 51.9 in May, missing expectations for a rise to 52.5. It was the lowest level since April 2013.

The decline was driven by declines in output and new orders.

"The UK manufacturing sector had a disappointing second quarter overall. Growth trends in output and new orders were the weakest since the opening quarter of 2013, as a strong sterling exchange rate and subdued demand from mainland Europe offset the continued solidity of the domestic market," Markit's Senior Economist Rob Dobson said.

The Bank of England Governor Mark Carney said on Wednesday that UK banks' direct exposure to Greece is very small. He noted that the economic growth in the U.K. has been solid and the burden of household debt has continued to decline.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,608.59 +87.61 +1.34 %

DAX 11,180.5 +235.53 +2.15 %

CAC 40 4,883.19 +92.99 +1.94 %

German Chancellor Angela Merkel said on Wednesday that she would wait until the Greek referendum on Sunday is over before starting to negotiate with Greece again. She signalled that the German parliament will approve any future bailout programme would come under the umbrella of the European Stability Mechanism (ESM).

Major U.S. stock-indexes rose on Wednesday after Greece's prime minister signaled he was prepared to accept most of creditors' bailout terms and a raft of U.S. data pointed to a stronger economy. Adding to the positive tone, financial stocks rallied after Swiss insurance giant ACE snagged a deal to buy upmarket property insurer Chubb for $28.3 billion.

Most of Dow stocks in positive area (22 of 30). Top looser - E. I. du Pont de Nemours and Company (DD, -3.77%). Top gainer - The Travelers Companies, Inc. (TRV, +2.67).

Almost all of S&P index sectors in positive area. Top gainer - Financial (+1,0%). Top looser - Basic materials (-0.7%).

At the moment:

Dow 17643.00 +120.00 +0.68%

S&P 500 2067.00 +12.50 +0.61%

Nasdaq 100 4416.75 +26.50 +0.60%

10-year yield 2.41% +0.07

Oil 57.63 -1.84 -3.09%

Gold 1169.40 -2.40 -0.20%

French President Francois Hollande said on Wednesday that a deal between Greece and its creditors should be reached before the referendum on Sunday. He added that the failure to reach a deal before the referendum could lead to "a period of turmoil and the unknown".

"It is our duty to keep Greece in the euro zone. That depends on Greece ... But it also depends on us. As a European, I don't want the euro zone to come apart, I am not into intransigent comments, into brutal rifts," Hollande said.

German Finance Minister Wolfgang Schaeuble said on Wednesday that there was no basis to have further negotiations with Greece.

"First of all Greece must clarify its position on what it wants, and then we will have to talk about it, under conditions that are now far more difficult," he said.

Greek Prime Minister Alexis Tsipras said in a speech on Wednesday that Greeks should vote "no" in Sunday's referendum. He added that "no" would not mean that Greece have to leave the Eurozone.

Tsipras reassured Greeks that their deposits were safe.

He also said that he would continue to negotiate with the country's lenders.

Earlier, Greek prime minister signalled that he was ready to accept the most spending cuts demanded by the country's creditors.

The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Wednesday. The index climbed to 53.5 in June from 52.8 in May, exceeding expectations for a gain to 53.1. It was the highest level since January.

A reading above 50 indicates expansion, below indicates contraction.

The increase was driven by higher employment in the manufacturing sector. The employment index climbed to 55.5 in June from 51.7 in May.

The production index fell to 54.0 in June from 54.5 in May.

The new orders index was up to 56.0 in June from 55.8 in May.

The prices paid index remained unchanged at 49.5 in June.

The U.S. Commerce Department released construction spending data on Wednesday. Construction spending in the U.S. rose 0.8% in May, exceeding expectations for a 0.6% gain, after a 2.1% increase in April. April's figure was revised down from a 2.2% rise.

The rise was driven by an increase in private and public construction. Private construction spending gained 0.9% in May, while public construction spending increased 0.7%.

Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Wednesday. The U.S. final manufacturing purchasing managers' index (PMI) fell to 53.6 in June from 54.0 in May, beating the previous estimate of a decline to 53.4. It was the lowest level since October 2013.

A reading above 50 indicates expansion in economic activity.

The Markit Chief Economist Chris Williamson said that the reading suggests the U.S. economy was slowing again.

"The slowdown is largely linked to a third consecutive monthly fall in exports, in turn attributed by many companies to the strong dollar undermining international competitiveness," he added.

The Bank of England Governor Mark Carney said on Wednesday that the outlook of U.K. financial stability worsened due to the Greek debt crisis, but UK banks' direct exposure to Greece is very small.

"The footprint of Greek banks in the United Kingdom is tiny compared with the size of our economy. In contrast, our economic and financial exposure to the euro area is considerable," he noted.

Carney also said that the economic growth in the U.K. has been solid and the burden of household debt has continued to decline.

The Bank of England (BoE) released its Financial Stability Report on Wednesday. The outlook remained broadly unchanged. The central bank said that risks from Greece increased, but other risks declined.

UK banks' direct exposure to Greece is very small, the BoE noted.

"The Financial Policy Committee will continue to monitor developments and remains alert to the possibility that a deepening of the Greek crisis could prompt a broader reassessment of risk in financial markets," the BoE said.

Markit Economics released its final manufacturing purchasing managers' index (PMI) for Greec on Wednesday. Greece's manufacturing purchasing managers' index (PMI) dropped to 46.9 in June from 48.0 in May. It was tenth consecutive decline.

The decline was driven by falls in output and new orders.

"The accelerated contraction in goods production in June ended the worst quarter for the Greek manufacturing sector for two years. With negotiations over a debt deal ongoing in June demand was subdued, leading new orders - both from domestic and international clients - to fall even faster than May," Markit economist Phil Smith said.

U.S. index futures advanced as investors watched for signs of compromise on Greek debt negotiations and data showed a stronger-than-forecast monthly gain in private payrolls.

Nikkei 20,329.32 +93.59 +0.46%

Shanghai Composite 4,053.7 -223.52 -5.23%

FTSE 6,610.13 +89.15 +1.37%

CAC 4,904.98 +114.78 +2.40%

DAX 11,224.77 +279.80 +2.56%

Crude oil $58.66 (-1.38%)

Gold $1169.60 (-0.20%)

Markit Economics released its final manufacturing purchasing managers' index (PMI) for Spain on Wednesday. Spain's manufacturing purchasing managers' index (PMI) declined to 54.5 in June from 55.8 in May.

The decline was driven by lower output and new orders.

(company / ticker / price / change, % / volume)

Markit Economics released its final manufacturing purchasing managers' index (PMI) for Italy on Wednesday. Italy's manufacturing purchasing managers' index (PMI) fell to 54.1 in June from 54.8 in May.

The output rose in June, the employment growth remained unchanged, while input cost inflation climbed.

"The headline index's average over the second quarter as a whole was the highest since the first quarter of 2011, pointing to a positive contribution from manufacturing to overall GDP growth," Markit economist Phil Smith said.

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Credit Suisse released its manufacturing purchasing managers' index (PMI) for Switzerland on Wednesday. The manufacturing purchasing managers' index in Switzerland rose to 50.0 in June from 49.4 in May, missing expectations for an increase to 50.1.

The increase was driven by a rise in production. Production rose 3.1 points to 54.8 in June.

The backlog of orders sub-index declined by 0.3 points to 51.1 in June, while the employment sub-index increased to 41.6in June from 40.7 in May.

Private sector in the U.S. added 237,000 jobs in June, according the ADP report on Wednesday. It was the biggest increase since December 2014.

May's figure was revised up to 203,000 jobs from a previous reading of 201,000 jobs.

Analysts expected the private sector to add 217,000 jobs.

The increase was driven by a job creation in the professional and business service.

"The U.S. job machine remains in high gear," the Chief Economist of Moody's Analytics Mark Zandi said.

Official labour market data will be released on Thursday. Analysts expect that U.S. unemployment rate is expected to decline to 5.4% in June from 5.5% in May. The U.S. economy is expected to add 232,000 jobs in June, after adding 280,000 jobs in May.

Stock indices traded higher despite Greece's debt crisis. The International Monetary Fund (IMF) confirmed that Greece has not repaid €1.538 billion IMF loans. A Greek default would be the first by an advanced economy in the IMF's seven-decade history, putting the country on a par with countries such as Afghanistan, Haiti and Zimbabwe, which also not paid IMF loans on time.

Another Eurogroup meeting has been called for today to discuss the latest proposal from Greece. The Head of the Eurogroup Jeroen Dijsselbloem said that the Eurogroup will discuss the request for a third bailout programme only after the referendum on Sunday. He also warns that new aid programme for Greece may have tougher conditions.

Germany's Finance Minister Wolfgang Schaeuble said on Tuesday that Greece can stay in the Eurozone even if it says "No" to the bailout programme in the referendum on Sunday.

Meanwhile, the economic data from the Eurozone was solid. Eurozone's final manufacturing purchasing managers' index (PMI) rose to 52.5 in June from 52.2 in May, in line with a preliminary reading. It was the highest level since April 2014.

The Netherlands was the strongest performer.

Markit's Chief Economist Chris Williamson said that June's PMI was "representing a major improvement compared to the malaise seen at the end of last year".

Germany's final manufacturing purchasing managers' index (PMI) rose to 51.9 in June from 51.1 in May, in line with a preliminary reading.

The increase was driven by a rise in output at consumer goods producers and in output in new orders.

"The overall expansions in output and new business were, however, well below levels seen at the start of last year," Markit economist Oliver Kolodseike said.

France's final manufacturing purchasing managers' index (PMI) rose to 50.7 in June from 49.4 in May, up from the preliminary reading of 50.5. It was the first reading above 50 since April 2014.

"The French manufacturing sector edged further in the right direction during June, with output and new orders broadly stabilizing. This was reflected in firms' hiring decisions, with the rate of job shedding easing to a marginal pace," Markit economist Jack Kennedy said.

Markit Economics also released its manufacturing purchasing managers' index (PMI) for the U.K. on Wednesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. decreased to 51.4 in June from 51.9 in May, missing expectations for a rise to 52.5. It was the lowest level since April 2013.

The decline was driven by declines in output and new orders.

"The UK manufacturing sector had a disappointing second quarter overall. Growth trends in output and new orders were the weakest since the opening quarter of 2013, as a strong sterling exchange rate and subdued demand from mainland Europe offset the continued solidity of the domestic market," Markit's Senior Economist Rob Dobson said.

The Bank of England Governor Mark Carney said on Wednesday that UK banks' direct exposure to Greece is very small. He noted that the economic growth in the U.K. has been solid and the burden of household debt has continued to decline.

Current figures:

Name Price Change Change %

FTSE 100 6,615.79 +94.81 +1.45 %

DAX 11,165.43 +220.46 +2.01 %

CAC 40 4,899.62 +109.42 +2.28 %

Markit Economics released its manufacturing purchasing managers' index (PMI) for the U.K. on Wednesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. decreased to 51.4 in June from 51.9 in May, missing expectations for a rise to 52.5. It was the lowest level since April 2013.

May's figure was revised down from 52.0.

A reading above 50 indicates expansion.

The decline was driven by declines in output and new orders.

"The UK manufacturing sector had a disappointing second quarter overall. Growth trends in output and new orders were the weakest since the opening quarter of 2013, as a strong sterling exchange rate and subdued demand from mainland Europe offset the continued solidity of the domestic market," Markit's Senior Economist Rob Dobson said.

Markit Economics released its final manufacturing purchasing managers' index (PMI) for France on Wednesday. France's final manufacturing purchasing managers' index (PMI) rose to 50.7 in June from 49.4 in May, up from the preliminary reading of 50.5. It was the first reading above 50 since April 2014.

"The French manufacturing sector edged further in the right direction during June, with output and new orders broadly stabilizing. This was reflected in firms' hiring decisions, with the rate of job shedding easing to a marginal pace," Markit economist Jack Kennedy said.

Markit Economics released its final manufacturing purchasing managers' index (PMI) for Germany on Wednesday. Germany's final manufacturing purchasing managers' index (PMI) rose to 51.9 in June from 51.1 in May, in line with a preliminary reading.

The increase was driven by a rise in output at consumer goods producers and in output in new orders.

"The overall expansions in output and new business were, however, well below levels seen at the start of last year," Markit economist Oliver Kolodseike said.

Markit Economics released its final manufacturing purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final manufacturing purchasing managers' index (PMI) rose to 52.5 in June from 52.2 in May, in line with a preliminary reading. It was the highest level since April 2014.

The Netherlands was the strongest performer.

Markit's Chief Economist Chris Williamson said that June's PMI was "representing a major improvement compared to the malaise seen at the end of last year".

Federal Reserve Vice Chairman Stanley Fischer said on Tuesday that the U.S. consumer demand rebounds and economic growth is improving. But he did not mentioned the timing of interest rate hikes.

Fischer noted that the Fed's monetary policy will depend on the incoming economic data. He pointed out that inflation and employment data will determine the pace of interest rate hikes.

Fed vice chairman expects the U.S. economy to grow at an annual rate of about 2.5% in the second quarter.

The Fed is working to minimize the likelihood of surprises that could result after the release of the Fed's monetary policy, he said.

Rating agency Moody's has upgraded Iceland's sovereign debt rating by a notch to Baa2 after Iceland's government removed capital controls. The outlook is stable.

"The gradual removal of the capital controls and the reduction of the external and economic vulnerabilities posed by the failed banks' estates constitute a significant milestone in Iceland's recovery and represent important upside risks for future growth, public debt reduction and normalization of the financial system," the agency said.

The International Monetary Fund (IMF) confirmed that Greece has not repaid €1.538 billion IMF loans. The country can receive further financing from the IMF after the repayment of its loans. IMF Director of Communications Gerry Rice also confirmed that the IMF received Greece's request for an extension of the loan payment deadline.

"I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece's repayment obligation that fell due today, which will go to the IMF's Executive Board in due course," IMF Director of Communications Gerry Rice said.

The rating agency Fitch Ratings has downgraded Greece's sovereign debt rating by one notch to 'CC' from 'CCC'.

"The breakdown of the negotiations between the Greek government and its creditors has significantly increased the risk that Greece will not be able to honour its debt obligations in the coming months, including bonds held by the private sector. We now view a default on government debt held by private creditors as probable," the agency said.

The Chinese final HSBC manufacturing purchasing managers' index (PMI) rose to 49.4 in June from 49.2 in May, down from the preliminary estimate of 49.6.

A reading above the 50 mark indicates expansion, a reading below 50 indicates contraction.

"The final reading of the HSBC China Manufacturing PMI pointed to a further decline in the health of the manufacturing sector in June. This was predominantly driven by the sharpest rate of job shedding across the sector since early-2009, while output also fell slightly on the month," Markit Economics economist Annabel Fiddes said.

Germany's Finance Minister Wolfgang Schaeuble said on Tuesday that Greece can stay in the Eurozone even if it says "No" to the bailout programme in the referendum on Sunday. He also said that the European Central Bank would do what is necessary to support the euro.

U.S. stock indices rebounded on Tuesday despite tensions in Europe. Some investors are still hoping for a last-minute deal that would help Greece pay its debts and stay in the single currency area. U.S. companies have limited exposure to Greece, however there's some uncertainty about the way Europe would be affected if Greece leaves the euro zone.

Yesterday's consumer confidence report supported U.S. stocks as the corresponding index rose to 101.4 in June vs 97.2 expected and 94.6 previous.

The Dow Jones industrial average rose 50.32 points, or 0.29%, to 17,646.67. The Standard & Poor's 500 gained 9.44 points, or 0.46%, to 2,067.08 (8 out of its 10 major sectors advanced) and the Nasdaq Composite added 35.06 points, or 0.71%, to 4,993.53.

This morning in Asia Shanghai Composite Index declined by 1.21%, or 51.86 points, to 4,225.36. Meanwhile the Nikkei gained 0.31%, or 63.21 points, to 20,298.94. Hong Kong markets are on holiday.

Asian stocks mostly rebounded after recent sharp declines. This morning the latest Markit survey of Japanese manufacturers showed that economic activity in the sector expanded. Meanwhile Chinese data were mixed: industrial activity remained sluggish (49.4 vs 49.2 prev.), but the services sector picked up in June (53.8 vs 53.2 prev.). Chinese stocks volatility is still high. 

(index / closing price / change items /% change)

Nikkei 225 20,235.73 +125.78 +0.63 %

Hang Seng 26,250.03 +283.05 +1.09 %

S&P/ASX 200 5,459.01 +36.52 +0.67 %

Shanghai Composite 4,277.79 +224.76 +5.55 %

FTSE 100 6,520.98 -99.50 -1.50 %

CAC 40 4,790.2 -79.62 -1.63 %

Xetra DAX 10,944.97 -138.23 -1.25 %

S&P 500 2,063.11 +5.47 +0.27 %

NASDAQ Composite 4,986.87 +28.40 +0.57 %

Dow Jones 17,619.51 +23.16 +0.13 %