Market News

A final denouement in the Greek crisis is closer and it looks like there will be no Grexit.

The recent rout in Asian equities having now finally paused has allowed the safe haven Japanese Yen to likewise catch its proverbial breath.

Thursday saw Chinese stock markets prices bouncing around after the securities regulator banned shareholders with large holdings—more than 5 per cent-- in listed firms from selling for the next six months on Wednesday.

Following a volatile morning in which US stocks were down over 1%, trading on the New York Stock Exchange has been halted. The cause appears to be a technical glitch in the system which has thus far been classified as a “gateway connectivity issue”

The members of the European Union have issued a clear ultimatum to Greece: present a new proposal for resolving the debt crisis by Thursday (tomorrow), and a response will be determined by a full Emergency European Union Summit on Sunday.

Risk appetite has surged in the wake of a rout on the Asian stock markets, which pushed the Japanese Yen and the US Dollar higher, albeit briefly.

China has taken over front page today now that Greece has been given a short reprieve as thousands of Chinese companies froze trading on mainland Chinese exchanges Wednesday, shutting down trade on $2.6 trillion of shares, or about 40 percent of the market’s capitalization.

While the ongoing situation in Greece is clearly dominating market sentiment, investors are also pondering another possible troubling situation which is escalating in China.

All eyes may be focused on Grexit and the state of the euro, but commodity buyers are looking beyond Greece and the effects of the debt crisis on gold.

This is getting a little gridiculous, but grere you gro. When the question of whether Greece will remain within the Eurozone or exit from the common currency is finally resolved, we can drop a few ‘g’s.

In the wake of Sunday’s NO vote for a new Greek bailout, currency traders flocked to safe haven currencies as uncertainty continued to escalate.

The vote is in and the Nays have won. Greece went to the polls Sunday and overwhelmingly rejected any terms of a rescue package from its creditors.

Official results from today’s voting in the Greek Euro bailout referendum have just been released, very strongly indicating that the final result will be a fairly comfortably win for the “NO” camp.

This should be a more dramatic week for the Forex markets, due mainly to the Greek referendum on the proposed bailout deal that is taking place today. As the result becomes known it could rock the Euro and spill over into turbulence in other financial markets.

Today’s referendum in Greece could have repercussions across the globe. Or it might prove to be a tempest in a tea pot.