Week ahead: All eyes on Greece (and the US dollar)

The very short-term outlook for financial markets has grown more uncertain, but that may throw up some investment opportunities.

Athens´s decision to call a referendum is much like Alexander the Great´s to burn his army´s ships when he landed in Persia. The message to his men was simple: win or die. So too, Prime Minister Alexis Tsipras seems to think he has the upper hand against his creditors, but there is a real risk he has gotten his arithmetic wrong, which would result in Greece leaving the euro.

Depending on how voting pans out, another one of the keys will be how central banks react, particularly whether the European Central Bank is forced to step-up its buying of Spanish and Italian government bonds and the like. ECB president Mario Draghi will also get a chance to explain his thinking - and possibly his actions too – at his 16 July press conference, following that day´s policy meeting.

A speech by Janet Yellen, the US central bank´s chief, on 10 July, may also move markets. Economists still expect the Fed to raise rates this year, but strength in the greenback worries US rate-setters.

If the ECB ratchets up QE then the US dollar may get a boost, which in turn may weigh on the prices of many commodities and miners.

On the week starting on 13 July investors will be either preparing for fresh elections in Greece, should Greeks vote yes, or trying to gauge the risks of Grexit ahead of a critical payment to the ECB falling due on 20 June.

To take into account given recent heavy selling in Chinese stocks, a wave of economic data out of China in the week beginning on 13 July may help to steady analysts´ forecasts for economic growth in the Asian giant. Further moves by authorities in the days ahead to shore up confidence in stockmarkets are possible.

Monday 06 July

INTERIMS
RM

INTERIM DIVIDEND PAYMENT DATE
Renew Holdings

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (GER) (11:00)
Harmonised Competitiveness Indicators (EU) (09:00)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
PMI Construction (GER) (08:30)
PMI Retail (EU) (09:10)
PMI Retail (GER) (09:10)

GMS
Base Resources Ltd

FINALS
Trakm8 Holdings

AGMS
Connemara Mining Co, Martin Currie Pacific Trust, Marwyn Management Partners

TRADING ANNOUNCEMENTS
Bovis Homes Group

UK ECONOMIC ANNOUNCEMENTS
New Car Registrations (09:00)

FINAL DIVIDEND PAYMENT DATE
Huntsworth, Scottish Mortgage Inv Trust, Slingsby H.C, Staffline Group, WPP

Tuesday 07 July

INTERIM DIVIDEND PAYMENT DATE
Marston's

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Consumer Credit (US) (20:00)
Industrial Production (GER) (11:00)

GMS
Mattioli Woods

FINALS
Bacit Limited, Omega Diagnostics Group, Sepura, Solid State

IMSS
Connect Group, Marks & Spencer Group

SPECIAL DIVIDEND PAYMENT DATE
Spirit Pub Company

EGMS
3i Infrastructure, Establishment Inv Trust

AGMS
3i Infrastructure, Ambrian , LGO Energy, Marks & Spencer Group, Northern Investors Co, Northern Investors Co, Summit Germany Limited, Totally, Young & Co's Brewery 'A' Shares, Young & Co's Brewery (Non-Voting)

TRADING ANNOUNCEMENTS
Mcbride, Robert Walters

UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)

FINAL DIVIDEND PAYMENT DATE
Management Consulting Group

Wednesday 08 July

INTERIM DIVIDEND PAYMENT DATE
Cardiff Property

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)

FINALS
Micro Focus International

SPECIAL EX-DIVIDEND PAYMENT DATE
3i Infrastructure

AGMS
Active Energy Group, Biotech Growth Trust (The), Booker Group, Capital Gearing Trust, Great Portland Estates, Northern 3 VCT, Palace Capital , Sainsbury (J), Shires Income, UK Mail Group

TRADING ANNOUNCEMENTS
Booker Group, Galliford Try, Taylor Wimpey

UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)

FINAL DIVIDEND PAYMENT DATE
Air China Ltd., London Security, Restaurant Group, Tarsus Group

Thursday 09 July

INTERIM EX-DIVIDEND DATE
Aukett Swanke Group , CVC Credit Partners European Opportunities Ltd EURO, CVC Credit Partners European Opportunities Ltd GBP, Dewhurst, Driver Group, Inland Homes, Jupiter Green Inv Trust, Octopus Titan VCT , Pressure Technologies, Safestore Holdings, TP5 VCT, TP5 VCT 'B' Shares, Zytronic

QUARTERLY PAYMENT DATE
GlaxoSmithKline, XP Power Ltd. (DI)

QUARTERLY EX-DIVIDEND DATE
Assura , Ediston Property Investment Company, Fair Oaks Income Fund Limited , Investors Capital Trust 'A' Shares, Marsh & Mclennan Cos Inc., Schroder Income Growth Fund, Verizon Communications

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Continuing Claims (US) (13:30)
Current Account (GER) (07:00)
Initial Jobless Claims (US) (13:30)
Retail Price Index (GER) (07:00)

GMS
Aveva Group, Nyota Minerals Ltd., Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)

FINALS
Mirada, NCC Group, Supergroup

SPECIAL EX-DIVIDEND PAYMENT DATE
Foresight 4 VCT C, Next, Redde, Schroder UK Growth Fund

EGMS
Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)

AGMS
Aveva Group, Boussard & Gavaudan Holding Ltd. EUR Shares, Boussard & Gavaudan Holding Ltd. GBP Shares, Energy Technique, Gulf Keystone Petroleum Ltd.(DI), Lombard Risk Management, Maven Income & Growth VCT, Seneca Global Income & Growth Trust, TP70 2010 VCT , Zoltav Resources Inc (DI)

TRADING ANNOUNCEMENTS
Dunelm Group, Goals Soccer Centres, Grafton Group Units, Hays

UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
RICS Housing Market Survey (09:30)

FINAL DIVIDEND PAYMENT DATE
Cineworld Group, Restore, Scisys, Young & Co's Brewery 'A' Shares, Young & Co's Brewery (Non-Voting)

FINAL EX-DIVIDEND DATE
Amati VCT , Atkins (WS), Caledonia Investments, Castings, Cropper (James), E2V Technologies, Entertainment One Limited, Establishment Inv Trust, Impellam Group, Infinis Energy, International Greetings, KBC Advanced Technologies, Lombard Risk Management, Mission Marketing Group, Monks Inv Trust, Next, Next Fifteen Communications, Palace Capital , Stanley Gibbons Group, TalkTalk Telecom Group , Triple Point Income VCT, Triple Point Income VCT, Vedanta Resources, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, VP, Workspace Group

Friday 10 July

INTERIM DIVIDEND PAYMENT DATE
Britvic, Connect Group, Octopus Eclipse VCT 1, Standard Life European Private Equity Trust

QUARTERLY PAYMENT DATE
BlackRock Income Strategies Trust , Schlumberger Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Wholesales Inventories (US) (15:00)

GMS
Ten Alps

FINALS
Ilika, Mercia Technologies

SPECIAL DIVIDEND PAYMENT DATE
OMG

EGMS
IG Seismic Services GDR (Reg S), PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S)

AGMS
Aurasian Minerals , Graphene NanoChem, Perpetual Income & Growth Inv Trust, Tau Capital, Value and Income Trust

TRADING ANNOUNCEMENTS
X5 Retail Group NV GDR (Reg S)

UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)

FINAL DIVIDEND PAYMENT DATE
3i Infrastructure, Anglo-Eastern Plantations, Booker Group, C&C Group, Harvey Nash Group, Judges Scientific, M&C Saatchi, Marks & Spencer Group, S&U, Sainsbury (J), Sirius Real Estate Ltd., TLA Worldwide , Tribal Group