Indices Slump and Euro Tumbles as Greece-Troika Talks Break Down
June 29, 2015 6:03 am
U.S. equity futures dropped sharply and bond futures rallied at the beginning of trading on Sunday as the chances increased that Greece would default on its debt and exit the Euro zone. Japan’s Nikkei share average slipped to a one-week low as risks of Greece defaulting on its debt repayment this week spiked dramatically, forcing Athens to impose capital controls to halt bank runs. The Nikkei share average dropped 2.0% to 20,295.56 in mid-morning trade after tumbling to as low as 20,190.08 earlier, the weakest since June 22. This morning the DAX is currently down by over 3.5%, the CAC is currently down by around 3.85% while the FTSE is down by over 2%.
The Euro fell to a one-month low of $1.0955, from around $1.1165 late on Friday. It had last recovered to $1.1010, still down about 1.4% on the day. Against the Swiss franc, the Euro fell as low as 1.0256 francs according to Reuters data, its weakest level since late April, and was last buying 1.0331 francs. The Euro also plumbed a one-month low of around 133.80 against the Yen and was last at 135.33, down about 2.1%. The Dollar fell to a one-month low of 122.10 Yen before pulling away from a test of the 122 level. It last stood at 122.86 yen, off 0.8%.
Brent crude was down 79 cents at $62.47 a barrel by 05:05 GMT, after rising 6 cents to $63.26 a barrel on Friday. U.S. crude was down 85 cents at $58.78 a barrel. It reached $58.63 earlier, the lowest since June 9. The benchmark closed down 7 cents on Friday at $59.63.
After bailout talks between the Greece’s leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding support to Greece’s banks, leaving Athens with little choice but to shut down the system to keep the banks from collapsing. Greek banks will be closed and the Athens stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday.
Betting group Ladbrokes has confirmed that talks with Gala Coral over a possible merger remained ongoing. Last week, the FTSE 250 group responded to recent press speculation and confirmed that it was in merger talks with the board of sector peer Coral. In a statement released on Monday, Ladbrokes said negotiation was continuing, though it warned its shareholders that a deal remained far from certain. Ladbrokes stock opened a percent lower at 130p per share.
U.S. equity futures dropped sharply and bond futures rallied at the beginning of trading on Sunday as the chances increased that Greece would default on its debt and exit the Euro zone. Japan’s Nikkei share average slipped to a one-week low as risks of Greece defaulting on its debt repayment this week spiked dramatically, forcing Athens to impose capital controls to halt bank runs. The Nikkei share average dropped 2.0% to 20,295.56 in mid-morning trade after tumbling to as low as 20,190.08 earlier, the weakest since June 22. This morning the DAX is currently down by over 3.5%, the CAC is currently down by around 3.85% while the FTSE is down by over 2%.
The Euro fell to a one-month low of $1.0955, from around $1.1165 late on Friday. It had last recovered to $1.1010, still down about 1.4% on the day. Against the Swiss franc, the Euro fell as low as 1.0256 francs according to Reuters data, its weakest level since late April, and was last buying 1.0331 francs. The Euro also plumbed a one-month low of around 133.80 against the Yen and was last at 135.33, down about 2.1%. The Dollar fell to a one-month low of 122.10 Yen before pulling away from a test of the 122 level. It last stood at 122.86 yen, off 0.8%.
Brent crude was down 79 cents at $62.47 a barrel by 05:05 GMT, after rising 6 cents to $63.26 a barrel on Friday. U.S. crude was down 85 cents at $58.78 a barrel. It reached $58.63 earlier, the lowest since June 9. The benchmark closed down 7 cents on Friday at $59.63.
After bailout talks between the Greece’s leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding support to Greece’s banks, leaving Athens with little choice but to shut down the system to keep the banks from collapsing. Greek banks will be closed and the Athens stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday.
Betting group Ladbrokes has confirmed that talks with Gala Coral over a possible merger remained ongoing. Last week, the FTSE 250 group responded to recent press speculation and confirmed that it was in merger talks with the board of sector peer Coral. In a statement released on Monday, Ladbrokes said negotiation was continuing, though it warned its shareholders that a deal remained far from certain. Ladbrokes stock opened a percent lower at 130p per share.
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