Between Apple and Xiaomi, the world’s largest smartphone manufacturer is feeling the squeeze.

Samsung will profit less for the 7th consecutive quarter, and it looks like they are heading in the wrong direction.

It was Samsung’s seventh consecutive decline. And although the company didn’t break down the results by division, analysts were quick to put the blame on Samsung’s flagship smartphone series, the Galaxy S6.

Part of the problem was logistical. Samsung released two versions of the device, one with a flat screen and one with a screen that curved on the edges. The regular S6 didn’t sell as well as expected, and the S6 Edge proved hard to manufacture. Samsung couldn’t keep up with demand.

“The failure to manage the initial shipment for the Galaxy S6 series is the primary reason” for disappointing sales, Lee Ka-keun, an analyst at KB Securities, told the AP. Samsung is bringing on a third plant to boost production.

There’s a bigger problem, however, that is not so easily solved.

Samsung competes in two different handset markets: Low-end and high-end.

On the low end, it’s getting undercut by a gang of Chinese manufacturers—led by Xiaomi—that can thrive on profit margins even thinner than Samsung’s.

On the high end, where it competes with the iPhone, Samsung lost a key marketing advantage when Apple introduced a pair of iPhones with screens as big as Samsung’s. Sales of the iPhone 6 and 6 Plus are holding up better than expected, winning back some of the market share Apple lost to earlier Galaxy models.

Samsung Securities last month lowered S6 shipment estimate to 45 million units this year from 50 million previously. Full results for the second quarter are due later this month.

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Greece has voted by a big margin against Europe's latest bailout offer, raising the prospect that the country could now suffer a worse economic disaster and lose its place in the euro.

More than 60% heeded left-wing Prime Minister Alexis Tsipras' call to vote "no." He hopes to force Europe to hand over more money with less austerity attached, and cancel some of Greece's enormous debt.

Thousands of Greeks celebrated in the streets of Athens after the vote on Sunday. But the result sets Greece on an uncertain path that could force it to abandon the euro and print its own currency -- with huge damage to the economy.

Greece urgently needs cash to reopen its banks, which have been shut for a week, and for pensions and wages.

Yanis Varoufakis, the outspoken Greek finance minister, said the vote was a "majestic, big YES to a democratic Europe, and a NO to the dystopic vision of a Eurozone that functions like an iron cage for its peoples."

But despite of the vote going his way, Yanis Varoufakis, Greece's embattled finance minister, has resigned his post, saying the move could help Prime Minister Alexis Tsipras reach an agreement with creditors.

"I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my ... 'absence' from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement," Varoufakis wrote in a blog post early Monday.

"For this reason I am leaving the Ministry of Finance today," he continued. "I shall wear the creditors' loathing with pride."

During his time in government, Varoufakis refused to adopt the mannerisms of a conventional European politician. Instead, he dressed informally and loudly. He frequently appeared in media, launching biting rhetorical attacks against rival negotiators and governments.

While it may have appealed to populists, critics said his style failed to win many fans in the negotiating room.

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Greece is divided right down the middle heading into Sunday’s referendum on European bailout proposals, portending even more upheaval for the stricken nation.

A poll commissioned by Bloomberg News showed 43 percent intend to vote “no” to reject the austerity demanded by creditors in exchange for financial aid; 42.5 percent back a “yes” to accept the conditions, the survey of 1,042 people by the University Of Macedonia Research Institute Of Applied Social and Economic Studies showed. The margin of error was 3 percent.

The survey suggests that the plebiscite may not resolve anything as the nation’s economic and political crises deepen. While the poll showed more than four in five Greeks want to stay in the euro, the nation’s crippled banks and Premier Alexis Tsipras’s isolation from other European leaders have thrown into doubt the country’s future in the currency union.

“This referendum had divided Greek society among two groups who have a different understanding of the question at hand,” Nikos Marantzidis, the pollster and a professor of political science at the university, said in an e-mail. There are supporters, “those who really think that the future of the country is outside the euro area and even the EU, and those who consider the referendum to be a negotiating tactic.”

Tsipras called the snap vote unexpectedly last weekend as talks with creditors broke down. He argues that Greeks can reject their proposals and still remain in the euro, winning better terms for its debt in the process — a claim disputed by almost everyone else.

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As in every first Friday of the month, today there's the NFP announcement.

What is it? It checks the change in the number of employed people during the previous month, excluding the farming industry.

Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.

When? July 2th at 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise. 

Don't miss the chance to maximize your results, talk to one of our representetvies now!

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