Nov 13, 2012
The market is down 35. SFE Futures were flat this morning.
Dow Jones up 1. The Dow was down 32 at worst and up 46 at best. The Dow managed to claw back some small gains after losing 277pts last week, volumes were light and bond markets was closed for the veterans public holiday. Markets were cautious ahead of the euro-zone finance ministers meeting which will be held in Brussels in their late afternoon. Greek banks down, led by selling in Alpha Bank SA, after a leaked copy of the “troika” review of Greece’s medium term fiscal outlook hit dealers’ screens. Reports were coming out that the Troika’s interim report has shown that Greece would require additional bailout funds of 15 billion euro through 2014 due to ongoing deterioration of their economy. The Troika sees “very large risks” to the Greek program, although Greece’s compliance has “perceptibly improved”. It added that giving Greece a 2 year extension to meet budget targets would ease the impact of austerity measures. Greek market down 3.63%. If press reports are right — the “troika” (IMF, European Commission and European Central Bank) report on Greece’s financial situation does not make for pretty reading. Best sectors — Health Care (+0.5%); Telecoms (+0.5%) and Industrials (+0.4%). Worst sectors — Utilities (-0.8%) and Technology (-0.5%). European markets mixed — UK FTSE down 0.04%, German DAX up 0.07%, France down 0.35%, Spain down 0.90%, Italy down 0.39%. The Stoxx Europe 600 index down 0.3% with Industrials (-0.6%), Health Care (-0.5%), Energy (-0.4%), Technology (-0.3%) and Basic Materials (-0.3%), Financials (+0.2%) and Consumer Goods (+0.1%).
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