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Today's Markets - June 12, 12

After yesterday’s frosty reception of the news that Spain has finally agreed to outside help with its troubled banking sector European equities are looking to find some stability in early trading today.

Today's Markets - June 12, 12
While yesterday’s reaction especially in regard to surging periphery bond yields might have been somewhat overdone it clearly showed that investors are running out of patience and are demanding a comprehensive solution once and for all to put the European financial crisis to rest and not just another stopgap measures to buy some time.

Therefore while a slight bounce in early trading wouldn’t be much of a surprise, downside momentum after a short break having seen stocks rebounding towards the end of last week seems to have firmly re-established itself with further losses likely in the days to come as Greek elections are only a couple of days away.

It remains doubtful if markets indeed have fully priced in either a win by anti bailout parties or a repeat of the last election where no party achieved a governing majority which would mean that new elections would have to be called once again leaving more room for uncertainty.

Markus Huber - Head of German HNW Trading - ETX Capital

Tuesday, June 12th 2012
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