Catharsis Ours: Economic News , Data And Views ( July 27 , 2015 ) - China in focus as stocks on the main exchange fall 8.5% ! .... Around the horn for Europe - Greece Updates for today , EZ politics , ECB Taper potential !

Morning Tweets.....

THIS 

George Chen @george_chen

Apparently Gov fund today didn't want to save stock prices of 2 key bluechips - Sinopec & PetroChina - both down 8%, so market falls freely

CHINA SHANGHAI COMPOSITE FALLS 8.5% TO 3,725.56 AT CLOSE

Chinese gov fund today giving up 2 key bluechip-focused ETFs - ETF180, ETF50, both down 9%; Beijing pledged to buy ETFs to boost stock index

Yesterday once more: Shanghai benchmark index is heading down to its biggest fall in 8 years amid investors rapid selloff in panic - again!

BREAKING: Chinese stock market extending losses rapidly in last few mins - now key Shanghai index down nearly 8%, under 3800 points in panic

Shanghai Composite's 8.48% drop is the biggest since Feb 2007, but also the second-biggest since 2000. Ouch. 

ALL CHINA CSI300 INDEX FUTURES DOWN MAX DAILY LIMIT 10 PCT

#China sees RED as Dr. #Copper smells a rat. Shanghai Comp crashes in tandem w/ Copper. 

#ChinaStocks: HSI -3.1%; CSI300 -8.6%; Shanghai Comp -8.5%; Shenzhen Comp -7%. #VOAalert

Europe.....

"Nowadays the phrase 'steady job' means nothing in Spain." Black economy clouds recovery. http://bit.ly/1GTqdSr  

GREEK REGULATOR SAYS STOCK MARKET WILL REMAIN CLOSED UNTIL A NEW GOVT DECREE IS ISSUED

Italian FinMin Padoan joins call for Eurozone political union. Beyond rhetoric, real appetite presumably lower following #Greece talks.

Jonathan Ferro ‏@FerroTV 5 minutes ago

GERMAN JULY IFO CONFIDENCE AT 108.0; MEDIAN FORECAST 107.2

EURUSD through 1.11 

Fitch puts Greek banks' capital needs between 11.2 and 15.9 bln https://shar.es/1sE0kz  #Greece #economy #banking #ECB #eyro

#ECB's Cœuré: Question's no longer whethr to restructure #Greece debt but what debt relief measures wld be useful to the economy ~@lemondefr

2 Tsipras is strengthened by Varoufakis/Lafazanis wild plans. By resisting them, he comes across as sensible. Easier now to kick out rebels.

EZ inflation expectations likely to fall further. 

Credit Macro PM @lebullmarche

something has to give... 5y5y #Inflation swaps vs Commodities index 

Yup. I did. Not sure they were dramatic though. But #ecbtaper is now clearly off the cards. 

Wolfgang Munchau @EuroBriefing

while we were all focused on Greece, did anybody notice the dramatic decline in EZ inflation expectations in July? http://eurointelligence.com 

A better deal is surely possible, but will it happen? 

Kathimerini English @ekathimerini

A better deal for Greece is possible http://dlvr.it/BfTtr5  

Varoufakis parallel payment plan puts Tsipras in even deeper bother as officials from institutions arrive in #Greece https://shar.es/1sKLZo 

Leader of Podemos in Catalonia says he thinks it would be a good idea if left-wing parties formed a popular front to win genera election.

Germany makes up €zone rules as it goes along to suit political purposes - strong column by @eurointelligence http://on.ft.com/1JnwZ9g  via @FT

BOJ's Nakaso calls for swift Greek bank recapitalization http://dlvr.it/BfTvzX  

Coast guards aided more than 1,500 migrants in Aegean since Friday http://dlvr.it/BfWTWy  

Catharsis Ours