MUCH ADO ABOUT NOTHING – GREECE & MARKET UPDATE

The Greek Stock Exchange is closed today and will probably remain so for the rest of the week.  The Greek 10-year bond yield has leapt like the proverbial grilse to 13.94%.  I suspect If I tried to sell some in size, I might fall at the first fence!

 

FTSE – down 110 at 6640 at 9.15am

 

Banks are off their lows – Barclays -2.6%, HSBC -2.3%, RBS -2% – clearly the exposure to Greece is limited.

 

Prudential and Aviva both down 1.9% – the same sentiment applies to them as the banks.

 

Pharmas are easier by 2%, oils by the same amount and mining is somnolent – down just an average of -0.5%. Tesco is in line with market down 2% and M&S is easier by 1.6%. Travel has not fared well – Tui Travel and Thos Cook both down 6% – not so much Greece and Tunisia more about concern for holidays overall. EasyJet is only down 2.6%.

 

No sign of ECB help for Greece – I think Dragi meant it.  That’s it folks.  Look to the EU and IMF for guidance.  I think it could well be GREXIT, here we come. When?  Who knows!

 

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