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!