QUICK OVERVIEW

• The Group of 20 nations pledged on Saturday to put growth before austerity, seeking to revive a global economy.
• The Group of Twenty (G20) nations will back a global taxation reform, which will help avoid double taxation.

• German austerity chief, finance Minister Wolfgang Schauble has warned Greek leaders not to play with fire by pressing for fresh debt-relief. He urged Greeks not to back track from their painful austerity and reform path. What’s the problem? You Greek’s don’t like 28.2% unemployment - too high?

• Investors, fearing that the end of the commodity super cycle of ever-rising prices are heightened by China’s slowdown, are heading for the exits.

• U.S. Fed chief emphasizes bond purchases could yet be accelerated if economic recovery shows signs of faltering. Bernanke said there are three main reasons for the rise in longer-term interest rates, which he thought was relatively low. He cited better economic news as the first reason. "As investors see brighter prospects ahead, interest rates tend to rise," Second reason is probably the "unwinding of leverage, and the third reason, is related to the Fed's communications and market interpretations of Fed policy. "But I want to emphasize that none of that implies that monetary policy will be tighter at any time within the foreseeable future," he said.

• Moody's Investors Service lifted its outlook on the U.S. government bond rating to stable from negative and reaffirmed the U.S. government's Aaa rating.

• (FT) US banks have lost billions of dollars of paper profits on their securities portfolios as market interest rates rise. Data released by the Federal Reserve on Friday showed unrealised gains in these portfolios had plummeted from more than $40bn at the beginning of the year to about $6bn

• The U.S. home builder sentiment index gained 6 points to 57 this month, the highest level since January of 2006, according to the National Association of Home Builders Any reading over 50 indicates that more builders view sales conditions as good rather than poor.
• U.S Privately-owned housing starts in June dropped 9.9% to a seasonally adjusted annual rate of 836,000, its lowest level since August last year.

• Wildfires are chewing through twice as many hectares a year on average in the US compared with 40 years ago, US Forest Service Chief Tom Tidwell told a Senate hearing.

• U.S. Automakers are thriving – Detroit however files for bankruptcy: U.S. automaker General Motors Co. said that it sold 4.85 million vehicles globally in the first half of 2013, up 3.9% YoY. "Can we help Detroit? We don't know," Vice President Joe Biden said in response to a reporter's question about a possible federal rescue.

• Chinas Industrial Output rose 8.9% YoY
• China Q2 GDP up 7.5 % YoY

• Spain's public debt rose to 89.6% of GDP in May

•  (Pritchard) If you think, China's Communist Party fully understands the mess it has created by ramping credit to 200pc of GDP and running the greatest investment bubble know to man, read its shockingly complacent response to warnings from the International Monetary Fund.