With the Greeks unable to hug it out and new elections (as per Venizelos and
Kammenos) all but guaranteed, the probability that Greece will exit just went to
11 on the dial. Markets hiccupped and plunged, giving up all the German GDP
gains and then some. EURUSD traded back below 1.2800 - trading 1.2780 as we
post, S&P 500 e-mini futures dumped 13 points now below yesterday's
lows, Europe's DAX took a dive, and all European sovereign bond spreads
tore higher dominated by Portugal, Spain, and Italy (+38-48bps on the week now).
Credit spreads are gapping wider in Europe and the US. Commodities, which had
been limping a little higher - on weaker USD and growth-hopiness we suppose -
have reversed those gains with Silver and Oil underperforming. Treasuries and
Bunds in lockstep and notably lower in yield - to lows of day.
EURUSD Plunge...
and ES is making new cycle lows...
and Sovereign spreads surging...
Charts: Bloomberg
EURUSD Plunge...
and ES is making new cycle lows...
and Sovereign spreads surging...
Charts: Bloomberg
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