The fall in global stock markets on Monday was due to global risk aversion by the instruments of the stock markets due to the collapse in negotiations between Greece and its creditors, according to information analyst.
The fall in global stock markets on Monday was due to global risk aversion by the instruments of the stock markets due to the collapse in negotiations Greece with its creditors, according to information analyst.
In Europe, the Frankfurt Stock Exchange lost 3.56% and stood at the end of the session, to 11083.20 points, and Portugal and bags Milan lost just over 5% in the session.
The German Federal Bank recorded a drop of 5.81% at a price of 27.15 euros per share and the Commerzbank fell 4.77%, at a price of 11.58 per share.
The Madrid Stock Exchange lost 4.56% to settle at 10853.90 points. In addition, shares of financial groups such as Santander lost 6.69%, to trade at 6.42 euros per share, while shares of Bancomer fell 6.01%, at a price of 8.93 euros per share.
The People’s Bank Spanish in Madrid led losses, falling 7.18%, at a price of 4.37 euros per share.
The shares of BBVA and Santander led losses on the Mexican Stock Exchange (BMV) in the Friday’s session with a loss of 5.76 and 4.57% respectively.
Most of the debt of Greece are Germany, France, Spain and Italy, so that there is greater fear for global contagion, as in previous crises, said Gerardo Copca, an analyst at Meta-analysis.
Although the participation of Greece in the euro area is small in terms of GDP, the country’s importance lies in the amount due to the euro zone and the possibility of falling into default with the International Monetary Fund.
Closed
Meanwhile, the Athens Stock Exchange will be closed until July 6 and reopen on Tuesday, July 7, like banks, announced the Greek committee of the capital market.
However, the sell-off did not panic levels, allowing European stocks continue about 10% above being so far in 2015, not far from its maximum of seven years.
Investors began to look for opportunities to buy because they think the European Central Bank will act to prevent a crisis prolonged financial.
Still others are betting that Greece leaving the euro zone will not occur.
“The reaction of financial markets was negative, but there was a sense of panic, “he said Valentijn van Nieuwenhuijzen, strategist NN Investment Partners.
” This marks that investors believe that a solution will be found and the exit of Greece from the eurozone will avoid, “he said.
Meanwhile, Greek bonds rose more than 300 basis points, a move that had not seen in several months. While it is still a very strong movement in different markets, the element of contagion this time appears to be lower than in the past.
The bonds in Greece to 10 years stood at 15,215% on the day of Monday, compared with 10.72% at the end of the previous Friday. One analyst said the impact was different than at other times, as in March 2012, when similar situations arose, bonds reached levels of up to 41.26 percent.
José Isaac Velasco, an economist senior in Ve por Mas, said that countries like Italy, Spain and Germany were also affected and their 10-year bonds stood at 2.37, 2.35 and 0.80% respectively at the end of the day on Monday.
he indicated that the movement in bonds is the result of limited contagion from Greece to these countries because, fundamentally, conditions are different compared to the crisis that the country in 2011.
Also in america
The Mexican Stock Exchange closed Monday with a fall of 1.88%, addressed by the global trend to greater risk aversion by the adverse scenario facing Greece.
The Index of Prices and Quotations (IPC) stood at 44710.35 units in a day where emphasized crashes Cemex and Alfa, with more than 3 percent.
On Wall Street, the Dow Jones finished with a loss of 1.95%, the Nasdaq fell 2.40% and the Standard and Poor’s 500 was down 2.09 percent.
In the US, non-farm payrolls and the unemployment rate on Friday was published , data that could influence the decision of monetary policy by the Federal Reserve. (Reuters and Notimex)
francisco.ramirez@eleconomista.mx
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