The Polish equity market advanced on Monday. The market broad measure, the WIG Index, added 0.35%. Sector-wise, telecommunication (+2.72%) and chemical (+2.71%) stocks were the growth leaders in the WIG, while media sector names (-1.40%) were the poorest performers.

The large-cap stocks' measure, the WIG30 Index, eked out a 0.09% gain. Within the index components, GRUPA AZOTY (WSE: ATT) generated the biggest advance, up 5.01%. Other noticeable gainers included HANDLOWY (WSE: BHW), ORANGE POLSKA (WSE: OPL), GTC (WSE: GTC) and CCC (WSE: CCC), climbing 2.01%-3.47%. On the other side of the ledger, CYFROWY POLSAT (WSE: CPS) led the decliners with a 2.58% drop, followed by MBANK (WSE: MBK), PGNIG (WSE: PGN) and ING BSK (WSE: ING), sliding a respective 2.52%, 2.07% and 1.63%.

Major U.S. stock-indexes rose on Monday, with the Dow Jones industrial average moving into positive territory again for the year, after euro zone leaders reached an agreement with Greece to move forward with a bailout loan for the country to avert bankruptcy. Greece won conditional agreement to receive a possible $95 billion over three years, along with an assurance that euro zone finance ministers would start discussing ways to bridge a funding gap until a bailout - subject to parliamentary approvals - is finally ready. That will only happen if Greek Prime Minister Alexis Tsipras can meet a tight timetable for enacting unpopular reforms of value added tax, pensions and quasi-automatic budget cuts.

All of Dow stocks in positive area (30 of 30). Top gainer - Caterpillar Inc. (CAT, +2.07).

All of S&P index sectors also in positive area. Top gainer - Services (+1.2%).

At the moment:

Dow 17867.00 +198.00 +1.12%

S&P 500 2089.00 +20.00 +0.97%

Nasdaq 100 4477.00 +68.75 +1.56%

10-year yield 2.42% +0.01

Oil 52.70 -0.04 -0.08%

Gold 1156.60 -1.30 -0.11%

Stock indices closed higher as Greece and its lenders reached a deal. "EuroSummit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support," European Council President Donald Tusk said on Monday.

The deal needs to be approved by national parliaments before talks about a bailout programme can start.

The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

"The advantages far outweigh the disadvantages. The country which we help has shown a willingness and readiness to carry out reforms," German Chancellor Angela Merkel said on Monday.

The Bank of England released its quarterly Credit Conditions Survey on Monday. Demand for mortgages in the second quarter rose. It was the strongest increase in demand for mortgages since the end of 2013.

According to the report, demand for loans from small and big businesses climbed, and it was expected to increase in the third quarter too.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,737.95 +64.57 +0.97 %

DAX 11,484.38 +168.75 +1.49 %

CAC 40 4,998.1 +95.03 +1.94 %

The president of the Ifo Institute for Economic Research in Munich, Hans-Werner Sinn, said the latest agreement between Athens and its lenders is not good.

"Many people believe that the paper presented is good for Greece. It is not. While it will cost the rest of Europe a lot of money, all this money won't be enough to make the Greeks happy," he said.

"It makes no sense to want to pour in money to try to solve the country's problems. That won't create jobs," Sinn added.

He noted that the Greek tragedy will continue for the next three years.

The European Central Bank (ECB) purchased €11.68 of public-sector assets last week.

ECB'S asset buying programme is intended to run to September 2016.

The ECB bought €2.2188 billion of covered bonds, and €0.431 billion of asset-backed securities.

The head of the Eurogroup Jeroen Dijsselbloem said on Monday that the deal includes a €50 billion Greece-based fund that will privatise or manage Greek assets. €25 billion of this fund would be used to recapitalise Greek banks, he added.

According to a deal, Greece needs €7 billion by July 20, when it have to repay loans to the European Central Bank (ECB). The country must make a payment of €12 billion to the ECB by mid-August.

Greece has already received two bailout programmes €240 billion from the Eurozone and the International Monetary Fund since 2010.

According to a European Central Bank (ECB) spokesman, the ECB decided not to raise the amount of emergency funding (ELA) on Monday. The amount the Greek central bank can lend its banks totals around €88.6 billion.

Earlier, a deal between Greece and its lenders has been reached. The deal needs to be approved by national parliaments before talks about a bailout programme can start.

The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

International Monetary Fund Managing Director Christine Lagarde said on Monday that a deal is a step to rebuild confidence.

"I think it's a good step to rebuild confidence," she said

"There will be many more steps," Lagarde added.

U.S. stock-index futures advanced, signaling equities will rise a third day, as Greece and its creditors reached an agreement.

Nikkei 20,089.77 +309.94 +1.57%

Hang Seng 25,224.01 +322.73 +1.30%

Shanghai Composite 3,971.14 +93.33 +2.41%

FTSE 6,717.75 +44.37 +0.66%

CAC 4,983.36 +80.29 +1.64%

DAX 11,439.5 +123.87 +1.09%

Crude oil $52.19 (-1.04%)

Gold $1154.90 (-0.28%)

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

Czech Finance Minister Andrej Babiš on Monday criticized the deal between Greece and its lenders. He said that in a few years, the Eurozone will be again in the same position as today or already in 2011. Babiš pointed out that the right solution would be only the Greek exit from the Eurozone and a partial debt relief.

He said yesterday that he ruled out the Czech Republic to take any part in the repayment of Greek debts.

"We will certainly not take part in any repayment of Greece's debts," Babiš said.

Upgrades:

Apple (AAPL) upgraded to Buy from Hold at Societe Generale, target $140

Downgrades:

Google (GOOGL) downgraded to Hold from Buy at Pivotal Research, target lowered from $640 to $570

Other:

Yahoo! (YHOO) reiterated at Hold at Pivotal Research Group, target lowered from $49 to $42

Twitter (TWTR) reiterated at Buy at Pivotal Research Group, target lowered from $50 to $41

Facebook (FB) reiterated at Buy at Pivotal Research Group, target lowered from $107 to $105

The Chinese Customs Office released its trade data on Monday. China's trade surplus fell to $46.54 billion in June from $59.49 billion in May, missing expectations for a decline to a surplus of $55.7 billion.

Exports rose at an annual rate of 2.8% in June. It was the first increase in in four months.

Imports slid at an annual rate of 6.1% in June. It was the eight consecutive decline.

China's trade was driven by the Greek debt crisis, weak external demand in general, rising labour costs and a stronger yuan.

July 14

Before the Open:

Johnson & Johnson (JNJ). Consensus EPS $1.69, Consensus Revenue $17776.48 mln.

JPMorgan Chase (JPM). Consensus EPS $1.44, Consensus Revenue $24333.34 mln.

Wells Fargo (WFC). Consensus EPS $1.03, Consensus Revenue $21608.98 mln.

July 15

Before the Open:

Bank of America (BAC). Consensus EPS $0.36, Consensus Revenue $21518.26 mln.

After the Close:

Intel (INTC). Consensus EPS $0.50, Consensus Revenue $13099.07 mln.

July 16

Before the Open:

Citigroup (C). Consensus EPS $1.35, Consensus Revenue $19174.18 mln.

Goldman Sachs (GS). Consensus EPS $3.89, Consensus Revenue $8775.21 mln.

UnitedHealth (UNH). Consensus EPS $1.58, Consensus Revenue $35692.98 mln.

After the Close:

Google (GOOG). Consensus EPS $6.69, Consensus Revenue $17734.83 mln.

Stock indices traded higher as Greece and its lenders reached a deal. "EuroSummit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support," European Council President Donald Tusk said on Monday.

The deal needs to be approved by national parliaments before talks about a bailout programme can start.

The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

"The advantages far outweigh the disadvantages. The country which we help has shown a willingness and readiness to carry out reforms," German Chancellor Angela Merkel said on Monday.

The Bank of England released its quarterly Credit Conditions Survey on Monday. Demand for mortgages in the second quarter rose. It was the strongest increase in demand for mortgages since the end of 2013.

According to the report, demand for loans from small and big businesses climbed, and it was expected to increase in the third quarter too.

Current figures:

Name Price Change Change %

FTSE 100 6,719.33 +45.95 +0.69 %

DAX 11,502.5 +186.87 +1.65 %

CAC 40 5,008.82 +105.75 +2.16 %

The Bank of England released its quarterly Credit Conditions Survey on Monday. Demand for mortgages in the second quarter rose. It was the strongest increase in demand for mortgages since the end of 2013.

According to the report, demand for loans from small and big businesses climbed, and it was expected to increase in the third quarter too.

The demand for credit card lending was little changed in the second quarter.

European Council President Donald Tusk said on Monday that European leaders reached a compromise on the issue of Greece's exit from the current crisis at the weekend's summit of the Eurozone leaders.

"EuroSummit has unanimously reached agreement. All ready to go for ESM programme for Greece with serious reforms and financial support," he said.

Greece have to implement reforms before the talks on a financial rescue to keep it in the Eurozone could start. The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

Officials in Brussels say that the third Greek bailout programme could be around €86 billion. The Greek government has requested a new loan of €53.5 billion over three years.

€16 billion could come from the IMF, the rest - from the European Stability Mechanism, sources have said.

Greek Economy Minister George Stathakis said on Saturday that capital controls will remain in place for at least another two months.

He also said that the banks could reopen next week if a deal between Greece and its lenders is reached. But restrictions on withdrawals and currency exports would remain in place, Stathakis added.

"That will stay in play for two months or some months," he said.

Boston Fed President Eric Rosengren said on Friday that the Fed could raise its interest rate at every monetary meeting despite falling oil prices, China's economic slowdown, and the ongoing Greek debt crisis.

"I don't rule out any of the meetings from here on out. If we do continue to get improvement in labour markets, if we do become reasonably confident that we're moving back to 2% inflation, it may be appropriate as early as September," he said.

He added that if labour market unexpectedly weakens, if core inflation starts to decline, or if the wage do not climb, then he would like to wait before to raise the interest rate.

Rosengren is not a voting member of the Federal Open Market Committee this year.

Federal Reserve Chair Janet Yellen said on Friday that she expects the interest rate hike by the Fed at some point this year. But she added that the U.S. labour market remains week.

"I expect it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy. But I want to emphasize that the course of the economy and inflation remains highly uncertain…," Yellen said.

The International Energy Agency (IEA) said in its report on Friday that oil prices will fall further due to a massive oversupply. Global oil supply climbed by 550,000 barrels a day in June to 96.6 million barrels a day, up 3.1 million barrels a day in June last year.

The IEA expects the global oil demand to slow down in 2016.

The agency forecasts the global oil demand in 2016 to decline to 1.2 million barrels per day from an average 1.4 million this year.

U.S. stocks advanced on Friday as investors hoped for a deal between Greece and its creditors. Gains in Chinese stocks also supported U.S. equities.

The S&P 500 ended last week almost flat; however on Friday it gained 25.31 points, or 1.2%, to 2,076.62 (the biggest one-day gain in two months. All 10 main sectors traded higher. The Dow Jones Industrial Average rose 211.79 points, or 1.2%, to 17,760.41. All 30 Dow components traded higher. The Nasdaq Composite added 75.30 points, or 1.5% to 4,997.70.

In Asia this morning Hong Kong Hang Seng climbed 0.05%, or 12.00 points, to 24,913.28. China Shanghai Composite Index gained 2.43%, or 94.27 points, to 3,972.07. Meanwhile the Nikkei rose by 1.56%, or 308.92 points, to 20,088.75 with exporter stocks leading the gains.

Signs of positive developments in Greece's situation supported stock markets across Asia. Last week Greece presented a new reform package, which was similar to lenders' demands. These proposals include privatization, pension and tax reforms. Now the country has time until Wednesday to show how it would implement these measures. Investors remain cautious.

Panasonic, Sony and Sharp (Nikkei components) gained 3-4 percent each, while Nintendo rose 1.5% despite announcing that its president Satoru Iwata passed away.

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

Nikkei 225 19,779.83 -75.67 -0.38 %

Hang Seng 24,901.28 +508.49 +2.08 %

S&P/ASX 200 5,492.04 +21.06 +0.39 %

Shanghai Composite 3,878.94 +169.61 +4.57 %

FTSE 100 6,673.38 +91.75 +1.39 %

CAC 40 4,903.07 +145.85 +3.07 %

Xetra DAX 11,315.63 +319.22 +2.90 %

S&P 500 2,076.62 +25.31 +1.23 %

NASDAQ Composite 4,997.7 +75.30 +1.53 %

Dow Jones 17,760.41 +211.79 +1.21 %