Monday, May 30, 2011

Today's M^3 - Greek Stock Market Down 2.4% Today

With all the fireworks going off in Europe, eventually I would have to mention one of the PIIGS in an M^3 post. Well today is the day. The main Greek equity index (FTSE/ASE 20 Index) is down 2.4% while the FTSE/ASE Midcap Index is down almost double that.

(Click on the image for a larger view. Click here for an updated listing of global equity indexes.)

What is worth noting is that Greece wasn't the worst performer for the day. That honor goes to Peru. There's a contentious election going on there right now and one of the leading candidates, Ollanta Humala, is seen as being bad for business.

From bloomberg:

Presidential polls published yesterday showed support for Congresswoman Keiko Fujimori fell, narrowing her lead over Humala before the June 5 vote. Fujimori led by 4.1 percentage points in a poll by Datum Internacional compared with 5.1 percentage points in a May 26 poll. A survey by Ipsos Apoyo showed the candidates in a statistical tie.

Humala pledges to revise Peru’s free trade agreements and change the constitution to strengthen the state’s role in the economy.

This isn't the first time we've mentioned Peru. On the 14th I mentioned how the Peruvian stock market was down over 25% for the year. Since then it made a resounding comeback as Humala's polling numbers deteriorated.

Anyone with advanced knowledge of the polling data could frontrun the hell out of this.

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