Monday, February 6, 2012

Today's Major Market Move: Greek Equity Market Up 4.8% in Monday's Session

Most of the finance world's attention remains focused on Greece and Europe as the debt deal talks are now in limbo with the deadline having passed but no official declaration of a default (yet). Greece's stock market closed six hours ago and at that time the equity markets were expressing optimism with the Greek and Cypriot benchmark equity indexes closing up 4.8% and 3.6% respectively. Here's the top 10:

Click here to go to the live table.
According to this blog posting from the WSJ, the real deadline (as opposed to today's 'fake' deadline) is March 20 when the next debt payment is actually due, so don't be surprised if the debt negotiations remain in this limbo state for days if not weeks. Just like with the Greek and Cypriot equity markets, there's no sign of distress in the Euro either with the EURUSD holding steady just above the 1.30 level.

Click here to go to the live chart.
Even Portuguese 5 year sovereign credit default swaps, which earlier had shown major signs of spreading contagion, have came back in are now showing no signs of distress of recent developments.

Click here to go to the live chart.

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