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Today's Markets - June 18, 12

Even there is still plenty of uncertainty remaining in regard to forming a governing coalition and having to pass additional austerity laws in order to secure further bail-out funds the overwhelming feeling is that the most important step for now has been taken with the Greek electorate giving ‘New Democracy’ the mandate to govern and continue with bringing Greece’s finances in order.

Today's Markets - June 18, 12
There is very little in regard to economic data scheduled for today with the two day G20 meeting in Mexico expected to take centre stage. European leader are expected to come under increasing pressure to deal more decisively with the financial crisis as many nations outside Europe like China and the USA are being negatively impacted ever more by the ongoing turmoil in financial markets.

It will be interesting to see if stocks will be able to hold on to their early gains with markets having already rallied strongly into Friday’s close anticipating a pro bail victory in Greece or if a typical buy the rumour sell the fact scenario develops with profit taking setting in early on.

Equity markets could find further support from the FOMC meeting on Wednesday with expectations increasing that the Fed will at least pave the way to further growth measures in the not so distant future.

Markus Huber - Head of German HNW Trading - ETX Capital

Commenting on the sell-off that followed a short-lived rally in markets Monday, ETX Capital's senior trader Markus Huber said:

"In the past, it seems like that as soon as one issue has been resolved or rather, as soon as there is less uncertainty regarding one main issue affecting markets, attention quickly turns to next one, similar to the situation after the Spanish banking rescue last week where focus shifted onto Italy and Italian banks.

Although the problems Italy is facing in the form of high debt levels and slow growth are well known, for the focus to fully shift on Italy, something else will be needed for example that implementing of urgent financial reforms is being delayed or that the budget deficit due to a bigger contraction in growth has to be revised upwards similar like seen in Spain."

Lundi 18 Juin 2012

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