Market's evolution 22 of June to 26 of June 2015

Market's evolution 22 of June to 26 of June 2015


This week the markets were dominated once again by the negotiations between Greece and the Eurogroup in Greek’s debt crisis.

During Monday and Tuesday, the progress made in the major indexes was a result of the good prospects for an early agreement. But throughout the week, the performance changed after the inability to close the gap, resulting in falls by more than one percentage point in the equity markets.

In the European refusal to extend the bailout to Greece until Sunday 5th, this weekend Alexis Tsipras imposed a “corralito” in Greece. Greek equity markets and banks will be closed until next Monday.

During the week we will be listening news from the Eurogroup; mainly due to Greece's debt with the IMF on Tuesday, and on Sunday 5, the referendum called by the Greek government.

As for economic data, consumer confidence in the euro area continues improving as well as the advanced levels of service and manufacturing sectors. In the US however, the data did not have the expected tone after recorded declines in orders of durable goods. In China and Japan, data is below expansion levels.

In European equities, advances were widespread in the major indexes. While in US markets closed flat with corrections of -0.40% in the S & P500, and -0.71% in the Nasdaq Composite.

In the bond market, yields on peripheral bonds have been flat until last Friday. After the start of this week, rebounding TIR bonds due to the latent uncertainty in the markets. In the coming days we expect a return to the flight to quality.

The euro weakened during the last week against the dollar after the doubts about the possibility of reaching an agreement and stabilize the Greek situation.

The ounce of gold fell to $ 1174.58 an ounce, while there was little change Brent remained at levels of 63.26 USD / Brent.