Wednesday preserved a downward tendency in Polish equity market. The broad market measure, the WIG Index, lost 0.42%. Sector-wise, oil and gas sector (+1.27%), materials (+0.45%) and technologies (+0.21%) were the only sectors, which posted positive results. At the same time, chemicals names fared the worst (-2.72%), followed by telecommunications (-2.18%) and utilities (-1.86%) stocks. In addition, it should be noted, that the Polish banking stocks sub-index WIG-BANKI hit a nearly 2-year low, dragged down by a new plan of the ruling Civic Platform party to force banks to pay half of the cost of converting Swiss franc loans into zlotys.

The large-cap stocks fell by 0.29%, as measured by the WIG30 Index. Within the indicator's components, chemicals name GRUPA AZOTY (WSE: ATT) was the sharpest decliner, plunging 4.77%. It was followed by utilities names ENEA (WSE: ENA) and Tauron PE (WSE: TPE) as well as banking stocks BZ WBK (WSE: BZW) and HANDLOWY (WSE: BHW), posting losses in the range between 2.46% and 3.17%. On the other side of the ledger, clothing retailer LPP (WSE: LPP) recorded the biggest climb, advancing 2.97%. Oil and gas sector names PGNIG (WSE: PGN) and PKN ORLEN (WSE: PKN) added 2.07% and 1.11% respectively. Elsewhere, PKO BP (WSE: PKO) corrected upwards by 0.91% after recent down-surge.

Major U.S. stock-indexes extended their losses, but in low volumes, with the S&P 500 hitting a session low and the Dow Jones Industrial Average and Nasdaq both falling more than 1 percent. Trading in all securities were halted on the New York Stock Exchange on Wednesday following earlier reports of technical difficulties, although NYSE-listed issues was still trading on other exchanges. U.S. markets were in the red even before the halt, as the slide in Chinese markets spurred concerns over its impact on global economic growth. Beijing unveiled yet another battery of measures to arrest the sell-off in shares and the securities regulator warned of "panic sentiment" gripping investors in the world's second-largest economy. Chinese shares have fallen more than 30 percent in the last three weeks, and some investors fear China's turmoil is now a bigger risk than the crisis in Greece.

Almost of Dow stocks in negative area (29 of 30). Top looser - General Electric Company (GE, -2.00%). Top gainer - Microsoft Corporation (MSFT, +0.29).

S&P index sectors mixed. Top looser - Basic mterials (-1,9%).

At the moment:

Dow 17478.00 -202.00 -1.14%

S&P 500 2046.50 -27.25 -1.31%

Nasdaq 100 4357.00 -65.25 -1.48%

Oil 51.38 -0.95 -1.82%

Gold 1160.70 +8.10 +0.70%

10-year yield 2.23% -0.00

Stock indices closed higher on new Greek deadline. Greece has submit a formal application for a three-year loan facility from the European Stability Mechanism (ESM) on Wednesday.

"The Loan will be used to meet Greece's debt obligations and to ensure stability of the financial system," Greek Finance Minister Euclid Tsakalotos said in the letter.

He did not mention the exact amount of the financial aid.

European Council President Donald Tusk said on Tuesday that just five days left for Greece to reach a deal with its creditors to save it from bankruptcy.

European Commission President Jean-Claude Juncker said on Tuesday that authorities are prepared for all outcomes of the negotiations with Greece about its debt crisis, including a scenario of the Greek exit from the Eurozone.

European Central Bank Governing Council Member Christian Noyer said on Wednesday that Greek banks would not receive any emergency lending if the Greek government fails to reach a deal with its creditors.

The Bank of France released its business sentiment index for France on Wednesday. The index fell to 98 in June from 99 in May.

The central bank expects the French economy to expand 0.2% in the second quarter of 2015.

UK's Finance Minister George Osborne presented the annual budget today. The government plans to achieve a surplus in the 2019/20 financial year, one year later than previously predicted.

The Office for Budget Responsibility projects the U.K. economy to grow 2.4% in 2015, 2.3% in 2016, and 2.4% for the rest of the decade.

The government plans to cut corporation tax from 20% to 19% in 2017 and to 18% by 2020.

Osborne said that a new 8% surcharge on bank profits will be introduced from January next year.

Halifax released its house prices data for the U.K. on Wednesday. House prices in the U.K. increased 1.7% in June, after a 0.3% rise in May. May's figure was revised up from a 0.1% decline.

On a yearly basis, house prices climbed 9.6% in three months to June, after a 8.6% increase in three months to May. It was the fastest pace since September 2014.

"Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand," Halifax's housing economist Martin Ellis said.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,490.7 +58.49 +0.91%

DAX 10,747.3 +70.52 +0.66%

CAC 40 4,639.02 +34.38 +0.75%

French Prime Minister Manuel Valls said on Wednesday that a deal between Greece and its creditors was "within grasp".

He also said that to keep Athens in the Eurozone is a geopolitical target.

"Keeping Greece in the euro and therefore in the heart of Europe and the EU is something of the utmost geostrategic and geopolitical importance," Valls said.

He noted that Europe allows Greece to leave the Eurozone, it will be "an admission of impotence". Valls added that France refuses that.

Greece has submit a formal application for a three-year loan facility from the European Stability Mechanism (ESM) on Wednesday.

"The Loan will be used to meet Greece's debt obligations and to ensure stability of the financial system," Greek Finance Minister Euclid Tsakalotos said in the letter.

He did not mention the exact amount of the financial aid.

UK's Finance Minister George Osborne presented the annual budget today. The government plans to achieve a surplus in the 2019/20 financial year, one year later than previously predicted.

"Britain still spends too much, borrows too much, and our weak productivity shows we don't train enough or build enough or invest enough. This will be a Budget for working people. A Budget that sets out a plan for Britain for the next five years to keep moving us from a low-wage, high-tax, high-welfare economy; to the higher-wage, lower-tax, lower-welfare country we intend to create," Osborne said.

The Office for Budget Responsibility projects the U.K. economy to grow 2.4% in 2015, 2.3% in 2016, and 2.4% for the rest of the decade.

The government plans to cut corporation tax from 20% to 19% in 2017 and to 18% by 2020.

Osborne said that a new 8% surcharge on bank profits will be introduced from January next year.

U.S. stock-index futures dropped as a selloff in Asian equities threatened to spread across regions.

Nikkei 19,737.64 -638.95 -3.14%

Hang Seng 23,516.56 -1,458.75 -5.84%

Shanghai Composite 3,506.78 -220.35 -5.91%

FTSE 6,496.75 +64.54 +1.00%

CAC 4,662.46 +57.82 +1.26%

DAX 10,792.15 +115.37 +1.08%

Crude oil $52.23 (-0.17%)

Gold $1153.60 (+0.09%)

European Central Bank Governing Council Member Christian Noyer said on Wednesday that Greeks banks would not receive any emergency lending if the Greek government fails to reach a deal with its creditors.

"Our rules oblige us to stop immediately at the point when there is no prospect of a political accord on a programme, or at the point when the Greek banking system crumbles - which would happen if it enters generalised default on all its debts," he said.

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Speaking in in the European Parliament, Greek Prime Minister Alexis Tsipras promised on Wednesday that Athens will provide credible reform proposals on Thursday.

An emergency summit of all 28 European Union members is scheduled to take place on Sunday.

Tsipras noted that Greece wants to reach a deal with its creditors but not at any price, accusing its lenders for transforming the country "into a laboratory for testing austerity over the past years".

"The money that was given to Greece never went to the people. The money was given to save Greek and European banks," the Greek prime minister said.

Statistics Canada released housing market data on Wednesday. Building permits in Canada plunged 14.5% in May, missing expectations for a 5.0% decline, after a 12.1% gain in April.

April's figure was revised up from a 11.6% rise.

The drop was driven by declines in construction permits in the residential and non-residential sectors. Building permits for non-residential construction fell 16.0% in May, while permits in the residential sector slid 13.5%.

Stock indices traded higher on new Greek deadline. European Council President Donald Tusk said on Tuesday that just five days left for Greece to reach a deal with its creditors to save it from bankruptcy.

"Until now I avoided talking about deadlines, but tonight I have to say it loud and clear - the final deadline ends this week. All of us are responsible for the crisis, and all of us have a responsibility to resolve it," he said.

European Commission President Jean-Claude Juncker said on Tuesday that authorities are prepared for all outcomes of the negotiations with Greece about its debt crisis, including a scenario of the Greek exit from the Eurozone.

He added that the commission has another plans in case if Athens needs humanitarian aid and his favourite plan how to keep Greece in the Eurozone.

European Central Bank Governing Council Member Christian Noyer said on Wednesday that Greek banks would not receive any emergency lending if the Greek government fails to reach a deal with its creditors.

The Bank of France released its business sentiment index for France on Wednesday. The index fell to 98 in June from 99 in May.

The central bank expects the French economy to expand 0.2% in the second quarter of 2015.

Halifax released its house prices data for the U.K. on Wednesday. House prices in the U.K. increased 1.7% in June, after a 0.3% rise in May. May's figure was revised up from a 0.1% decline.

On a yearly basis, house prices climbed 9.6% in three months to June, after a 8.6% increase in three months to May. It was the fastest pace since September 2014.

"Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand," Halifax's housing economist Martin Ellis said.

Current figures:

Name Price Change Change %

FTSE 100 6,464.4 +32.19 +0.50%

DAX 10,689.38 +12.60 +0.12%

CAC 40 4,628.62 +23.98 +0.52%

The Bank of France released its business sentiment index for France on Wednesday. The index fell to 98 in June from 99 in May. Business leaders expect industrial output to increase in July.

The business sentiment index in services was up to 96 in June from 95 in May.

The construction sentiment index remained unchanged at 93 in June.

The central bank expects the French economy to expand 0.2% in the second quarter of 2015.

Halifax released its house prices data for the U.K. on Wednesday. House prices in the U.K. increased 1.7% in June, after a 0.3% rise in May. May's figure was revised up from a 0.1% decline.

On a yearly basis, house prices climbed 9.6% in three months to June, after a 8.6% increase in three months to May. It was the fastest pace since September 2014.

"Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand," Halifax's housing economist Martin Ellis said.

European Council President Donald Tusk said on Tuesday that just five days left for Greece to reach a deal with its creditors to save it from bankruptcy.

"Until now I avoided talking about deadlines, but tonight I have to say it loud and clear - the final deadline ends this week. All of us are responsible for the crisis, and all of us have a responsibility to resolve it," he said.

European Commission President Jean-Claude Juncker said on Tuesday that authorities are prepared for all outcomes of the negotiations with Greece about its debt crisis, including a scenario of the Greek exit from the Eurozone.

"The commission is prepared for everything. We have a Grexit scenario, prepared in detail," he said.

He added that the commission has another plans in case if Athens needs humanitarian aid and his favourite plan how to keep Greece in the Eurozone.

Japan's Ministry of Finance released its current account data for Japan late Tuesday. Japan's current account surplus climbed to ¥1,880.9 billion in May from ¥1,326.4 billion in April, exceeding expectations for a surplus of ¥1,542 billion.

It was the fourth straight month that Japan posted an over ¥1 trillion surplus.

Japan benefits from a weaker yen.

Japan's trade balance deficit was ¥47.3 billion in May, after a deficit of ¥146.2 billion in the previous month. Exports fell at an annual rate of 0.1% in May, while imports dropped 10.3%.

The International Monetary Fund (IMF) said in its on Tuesday that the U.S. economy could be hurt if Fed hikes its interest rates too early. The IMF urged the Fed to delay its interest rate hike until 2016.

The Fed signalled that it is likely to start raising its interest rates in 2015.

"There is a strong case for waiting to raise rates until there are more tangible signs of wage or price inflation than are currently evident. Deferring rate increases and proceeding gradually thereafter would provide valuable insurance against the risks from disinflation, policy reversal, and ending back at a zero fed funds rate," the IMF noted.

According to the report from CoreLogic, home prices in the U.S. increased 1.7% in May. On a yearly basis, home prices jumped 6.3% in May.

"Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home-purchase activity. Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year," Chief Economist at CoreLogic Frank Nothaft said.

U.S. stocks ended higher on Monday reversing earlier losses amid positive changes in commodity prices and news that euro zone leaders studied new proposals to provide Greece with emergency financing. Now Greece is about to reach July 20 deadline to make a €3.5 billion ($3.9 billion) bond repayment to the European Central Bank. At the same time sources reported that Greece has until Friday morning to present detailed reform proposals to open green light for a bailout deal by a Sunday summit.

The Dow Jones industrial average climbed 93.33 points, or 0.5%, to 17,776.91. The Standard & Poor's 500 index rose 12.58 points, or 0.6%, to 2,081.34. The Nasdaq composite inched up 5.52 points, or 0.1%, to 4,997.46.

Despite these gains indices are still significantly below their record highs seen in May because of recent events in Greece. Investors favored the relative safety of government debt.

In Asia this morning Hong Kong Hang Seng fell 4.21%, or 1,051.97 points, to 23,923.34. China Shanghai Composite Index dropped 4.14%, or 154.16 points, to 3,572.96. Meanwhile the Nikkei lost 2.55%, or 518.75 points, to 19,857.84.

Stocks dropped across Asia amid the ongoing selloff in Chinese markets and Greece's debt crisis.

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

Nikkei 225 20,376.59 +264.47 +1.31%

Hang Seng 24,975.31 -260.97 -1.03%

Shanghai Composite 3,728.19 -47.72 -1.26%

FTSE 100 6,432.21 -103.47 -1.58%

CAC 40 4,604.64 -106.90 -2.27%

Xetra DAX 10,676.78 -213.85 -1.96%

S&P 500 2,081.34 +12.58 +0.61%

NASDAQ Composite 4,997.46 +5.52 +0.11%

Dow Jones 17,776.91 +93.33 +0.53%