Today's Major Market Move: Greek Stock Market Up Over 6% in Today's Session

Driven by the news that Greece will get the next installment of bailout money, the Greek equity market surged  today with the main Greek equity index (FTSE/ASE 20 Index) up over 6%. The only equity market to perform better was in Cyprus which is not surprising considering the two economies are essentially conjoined.

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Even with this sizable move today, both equity markets are still down for the month. I also added the EURUSD cross to the following chart to show that there is some correlation between the equity markets and the Euro although the equities are significantly more volatile (red - Greek equities, yellow - Cypriot equities, blue -EURUSD, y-axis is % change).

Click on the image for a larger view.Click here to go to the live chart.

The markets don't seem to be overly concerned about the strikes and riots that took place earlier in the week. As long as the ECB, the EU and the IMF keep the money spigot open, then everyone else can bury their head in the sand. The bond market isn't quite so sanguine; the 1 YR Greek Government Bond interest rate went from 180% to 183% today. I wonder what the coupon is on those things; I don't see it on Bloomberg.