Merkel doesn’t want Greece to leave

Greek stocks are rallying almost 5% to the highest level since April after the German paper Der Spiegel reported that “Angela Merkel has made a surprising U-turn in her policy on Greece. The German chancellor now wants to stop Athens from leaving the euro zone at all costs, even if it means massaging the figures in the upcoming troika report. For the German leader, it is essential to avoid the consequences of a Grexit before national elections next year.” Greece’s fate won’t likely be determined until Nov now but it seems they’ll get the time they need. Der Spiegel is also reporting that Spain will ask for help in the coming weeks. Germany’s Finance Minister expects the German Constitutional Ct to not declare an injunction against the ESM on Wed. China reported a slew of economic data all about in line with expectations except the trade data which was definitely weak as imports unexpectedly fell 2.6% in Aug vs the estimate of up 3.5%. CPI, PPI, IP, Retail Sales and Exports were all about in line.

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