Weekly Performance
Dow +0.17% S&P-0.01% Nasdaq-0.23% EuroStoxx +2.53% FTSE+1.33% CAC+1.97% DAX+2.33% Ibex+2.28% MIB+1.91% SMI +2.48% Nikkei-3.70% Hang Seng -4.46% Shanghai+5.8% Ibovespa-0.97%
The Chinese market meltdown and Greece's bailout brinksmanship drove heightened levels of volatility in global markets this week. In China, the authorities have frozen markets in order to save them. To stem panic selling, trading in over half of A-share stocks were suspended, and investors with stakes exceeding 5% were ordered to maintain their positions. Greece voted 'No' in the referendum last weekend, setting the table for what could be the final round of negotiations between Athens and its creditors. Stocks and bonds around the world see-sawed on headlines out of both crises and the VIX volatility index came very close to 20, its highest level in five months. As the week closed, US treasury bonds posted their biggest two-day selloff in two years as the Greek and Chinese crises showed signs of stabilizing. The dollar saw relatively relaxed trading, with EUR/USD bottoming around 1.0920 on Tuesday before trading up to 1.1220 on yet another round of Hellenic hope. For all the week's gyrations, the NYSE edged up 0.2%, the Nasdaq fell 0.2%, and the S&P ended essentially unchanged.
Macro :
- Swiss Oppose SNB Reintroduction of CHF Cap, SZ Survey Finds
- WTI Crude May Fall Below $50 on China, Greece, Iran Risks: BofA
- Greece, Europe in ’Amicable Split’ Not Worst Outcome: Kazimir (Slovak Finance Minister)
- Greece Bailout to Be 74b Euros Based on Creditors’ Eval: AFP
- Germany won’t spare Greek pain – it has an interest in breaking us (The Guardian) http://bit.ly/1JVM7vZ
- France Should Ease Taxes on Capital Gains, Paris Europlace Says
- Schaeuble Suggests 5-Yr Grexit, Humanitarian Support, FAS Says
- Renzi to Press Germany to Reach Deal With Greece: Messaggero
- Progress Made, Finland Fin. Min. Stubb Says After Eurogroup
Keep an eye on :
- A2A IM : A2A and Linea appoint advisors for merger - Il sole 24 Ore
- AF FP : France Needs Strong Air France to Lift Tourist Economy: Club Med
- AAPL US : Google, Apple Unlikely to Go Into Auto Industry, Fiat CEO Says
- BARC LN : Barclays Considers Acquisition to Help Split Off Retail Arm: FT
- GBF GY : Bilfinger mandates Deutsche Bank to handle sale of Power business
- BPTY LN : 888 to Meet With Bwin.party to Thwart GVC Bid, S. Times Reports
- DL NA : David Einhorn Holds 5% Stake in Delta Lloyd: AFM Filing
- FCA IM : Ferrari IPO Filing Due in Days, Fiat CEO Marchionne Says, May Consider Secondary Listing in Milan for Ferrari
- IAG LN : EU ‘Closely Assessing’ IAG-Aer Lingus Deal, Vestager Says
- NOVOB DC : Novo Nordisk Says Diabetes Treatment Met Primary Objective
- UG FP : Peugeot Citroen 1H Global Unit Sales Rose 0.4% to 1.55m Vehicles
- POST IM : Poste Italiane May Limit Investor Stakes to 5% Before IPO: Sole
- RFI AV : Raiffeisen CEO Says Franc to Stay Strong, SNB Needs Reform: SamS
- RBS LN : RBS Said Seeking to Sell Greek Shipping, Loans Ops: Reuters http://reut.rs/1eNWILC
- REP SM : Repsol’s Algarve Exploration Project Is Delayed, Expresso Says
- SRG IM : Snam CEO Sees 20% Investment in TAP Valued at EU400m: Corriere
- SYNN VX : Monsanto’s Goal of Syngenta Deal Isn’t to Fix Weakness: BZ
- TEF SM : Telefonica, LaLiga Reach EU600M Accord on 2015/16 Soccer Rights
- TESB BB : Picanol Unit Buys Additional EU0.43m of Tessenderlo Chemie Stock
- TIT IM : Tel. Italia Close to Content Deal With Mediaset: Repubblica
- DG FP : Vinci Buying 20% in Constructora Conconcreto
- YOOX IM : Yoox merger with Net-A-Porter to be scrutinised by UK regulator http://bit.ly/1O3Mtix