Greece’s government is hoping to conclude bailout talks with its creditors by Tuesday, giving the debt-ridden country time to pass the deal ahead of its next repayment to the European Central Bank (ECB). Details of a plan that would make up to 86bn euros (£60.9bn) available to Greece are being negotiated with the International Monetary Fund (IMF), the European Commission, the European Stability Mechanism and the ECB, in talks that began on 20 July.
The parties must either reach an agreement or settle on a bridge loan for cash-strapped Greece before 20 August, when a £2.4bn repayment is due to the ECB.
Greece's prime minister Alexis Tsipras said last week that talks with lenders were in "the final stretch", and Greek officials are optimistic that an agreement can be met by Tuesday, giving the Greek parliament time to pass the deal ahead of the payment due to the ECB.
Britain's trade deficit with the rest of the world narrowed significantly in the second quarter and looks set to boost economic growth. Figures on Friday showed the biggest surge in goods export volumes in more than nine years in the three months to the end of June. Britain's total goods and services deficit fell to its lowest level in four years. The Office for National Statistics said the figures indicated that trade likely added to growth in the second quarter, which according to an early estimate stood at 0.7 percent.
The total trade deficit in the second quarter fell to 4.812 billion pounds from 7.496 billion pounds the smallest since the second quarter of 2011. Goods export volumes surged 6.6 percent on the quarter driven by exports to non-European Union countries particularly semi-manufactured goods and fuels that was the biggest quarterly jump since early 2006.
Employers added jobs at a steady pace and wages rose slightly in July, but millions of Americans stayed on the side-lines in the latest sign of some slack in the labour market. Non-farm payrolls rose a seasonally adjusted 215,000 in July, the Labour Department said Friday. Revisions showed employers added 14,000 more jobs in May and June than previously estimated.
The unemployment rate, which is obtained from a separate survey of U.S. households, held steady at 5.3% in July. Average hourly earnings of private-sector workers rose 5 cents, or 0.2%, last month to $24.99. From a year earlier, wages were up 2.1%, in line with the 2.0% pace during the six-year expansion
Meanwhile, the share of Americans participating in the labour force was unchanged at 62.6% in July. That matches the lowest reading since 1977 suggesting there is still considerable spare capacity in the US labour market.
There are no key announcements today.