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Wall Street falls on Europe, but S&P off lows
Stocks fell on Monday but the S&P 500 came off lows after slipping below a key support level on fears of worsening political turmoil in the euro zone and signs of weakening Chinese growth.
Economically sensitive shares, including banks and natural resources companies, led the decline. Morgan Stanley (MS.N) fell 3.1 percent to $14.48, while Exxon Mobil Corp (XOM.N) lost 1 percent to $82.26.
JPMorgan Chase & Co (JPM.N) announced the first exit of a top executive after suffering trading losses that could reach $3 billion or more. The bank said Ina Drew, its investment chief, would retire. JPMorgan shares fell 1.8 percent to $36.31 after losing 9 percent on Friday.
The three major indexes briefly fell more than 1 percent on Monday, with the S&P dropping under an important support level at 1, ...
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Euro slips to near 4-month trough on Greece
The euro slipped to a near four-month low on Monday as political turmoil in Greece highlighted the risk it might exit the euro zone, while worries about slowing Chinese and global growth drove down higher-yielding currencies.
Safe-haven currencies, including the dollar and the Japanese yen, rose as coalition talks in Greece hit an impasse on Sunday, increasing the chance of another election.
Euro-zone industrial production unexpectedly fell in March, adding to signs the bloc is heading into recession, further fuelling bearish sentiment, while Spain's short-term debt costs rose at auction and its 10-year yields soared.
"Beyond the ongoing turmoil in the European financial system, policymakers in Greece are certainly running out of time as they struggle to form a coalition," said David ...
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U.S. Stocks Fall Amid Speculation Greece Will Depart Euro
U.S. Stocks slumped at the open on Monday, sending the Standard & Poor`s 500 Index below key 1,350, with basic materials and energy shares falling the most this morning as concerns grew Greece will lose its euro-membership while the country`s political leaders fail to forge a collation government.
The Political uncertainty is mounting with four parties failing to find a common ground in order to avoid having to call an inevitable new election in June. Should Greece face new elections next month, markets will start to weigh a referendum on Greece staying in the euro.
Leaders of Greece`s main political parties stood rigid in their positions on the country`s debt agreement with European Union to International Monetary fund, making a coalition government barely impossible as European finance ...
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Markets under heavy pressure; risk elevates
Another bloody day for markets; as concerns continue to buildup over Greece`s fate, the incalculable factors of political instability and economic uncertainty are making things more somber. Greek parties fail one more time in their attempts to form a collation government, complicating the case for the common currency, where it traded at the lowest levels in months. Meanwhile, Italy sold two, three, and ten years bonds today with good demand however yields were slightly up.
The EUR/USD is printing new lows at 1.2830 after opening the session with a bearish gap at 1.2900. The currency failed to fill the gap to head downwards hinting the bearish momentum behind the move. Technically speaking, after breaking the neckline and major support level for a bearish technical pattern at 1.2975, ...
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Fear of Greece euro-zone exit sparks sell-off
Global stocks slid and the euro fell to a four-month low on Monday as a political impasse in Greece heralded a potential exit for the country from the euro zone, while a move to prop up lending in China and poor European data pointed to slower world growth.
Safe-haven currencies, including the dollar and the Japanese yen, rose and government debt gained as coalition talks in Greece on Sunday proved fruitless, increasing the chance of another election in mid-June.
Expectations are for the euro to continue falling, driven by speculation over the implications of Greece's possible exit from the euro zone, said Eric Theoret, currency strategist at Scotiabank in Toronto.
"The probability of a euro exit (by Greece) has risen in the past few hours," said Thomas Costerg, an economist at Standard ...
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Euro hits near 4-month trough on Greek deadlock
The euro fell to a near four-month low on Monday as political turmoil gripped Greece, highlighting the risk the country may exit the euro zone, while worries about slowing Chinese and global growth drove down higher-yielding currencies.
Safe-haven currencies including the dollar and the Japanese yen rose as coalition talks in Greece hit an impasse on Sunday, increasing the chance of another election.
Euro zone industrial production unexpectedly fell in March, adding to signs the bloc is heading into recession and further fuelling bearish sentiment, while Spain's short-term debt costs rose at auction and its 10-year yields soared.
The common currency fell to $1.2861 on trading platform EBS, its lowest level since January 23. It has lost 2.7 percent so far this month after losing 0.8 ...
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China’s growth engine cooling down
Forex News and Events:
As anticipated in Friday’s newsletter, China cut its Reserve Requirement Ratio for the second time this year. Shielded by easing inflation, Chinese authorities relaxed their grip on banks’ cash reserves parked at the PBoC through a 50 basis point cut effective starting May 18. This measure will allow the RRR to drop to 20% for the main national financial institutions and will release an estimated CNY 400bn in capital into the market. The move came after the publication of a weaker-than-expected Chinese Trade balance on Thursday, indicating exports and imports grew by 4.9% and 0.3% y-o-y respectively, a far cry from the 10 and 11 percent goals for the year. The near-zero import growth could be explained by the piling up of metal domestic inventories and might affect ...
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Global shares, euro hit as political risks pile up
Uncertainty over the impact of a potential Greek exit from the euro on the debt-laden 17-nation currency bloc drove a rush to safety by investors on Monday, sending the single currency to near four month lows and European shares down 1.5 percent.
Problematic negotiations on forming a new Greek government have increased the chances it will be unable to meet the conditions of its bailout deal, and a worsening fiscal position in Spain has added to the sense of crisis facing the region.
The list of political risks facing the euro area grew on Sunday when German Chancellor Angela Merkel's conservatives suffered a crushing defeat in an election in Germany's most populous state.
"Selling rallies in risk assets seems the best way to make money in most asset classes given the event risk is still ...
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Greek woes drag euro to near 4-months lows; Aussie dips
The euro fell to a near four-month low on Monday as political uncertainty in Greece deepened, keeping alive the risk of the country exiting the euro zone while worries about slowing Chinese and global growth drove down higher-yielding currencies.
Safe-haven currencies like the U.S. dollar and the Japanese yen advanced as coalition talks in Greece hit an impasse on Sunday and Greece's radical leftist leader spurned an invitation from the president for a final round of talks on Monday, all but ensuring another election next month.
Adding to the bearish tone, German Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, a result which could embolden the left opposition to step up attacks on her European austerity ...
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