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Mercredi 23 Mai 2012

Today's Markets - May 23, 2012

Late yesterday comments by former Greek Prime Minister Papademos, that the risk remains that Greece might exit the Euro followed by a sharp sell off across the globe certainly proved just how vulnerable equity markets around the world remain especially to events surrounding Greece and to uncertainty in general.

Today's Markets - May 23, 2012
While these comments didn’t necessarily contain anything new, they send a sharp reminder to investors that uncertainty surrounding Greece’s membership in the Euro and possible contagion onto other countries plagued by high deficits just isn’t going away, at least not until Greek elections have taken place on June 17th.

Also the topic about having to restructure Spanish banks is coming increasingly into focus and is gaining urgency, not necessarily helped by Bankia Chairman and the Spanish economy minister disagreeing on how much money Bankia will need. Investors are worried that Bankia will just be the start and in the months to come more banks will follow.

Euro-zone bonds seem to be at least for today’s EU summit off the table with Germany and also Austria having already reiterated their stance against issuing these bonds however in regard to growth measures possibly being agreed on and talked about are all options still on the table.

Markus Huber - Head of German HNW Trading - ETX Capital


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