Markets plunge on potential Greek referendum $SP500.I $BAC $JPM

Last Updated on Wednesday, 02 November 2011 10:12

PDF | Print | E-mail

Markets sold off overnight after Greek PM Papandreou announced that he will put the nations bailout plan to a referendum so the people can decide. This raises the risk of a potential default if Greek voters reject the proposed package. European indexes fell as much as 5% with banking stocks falling heavily due to their Greek debt exposure
Further adding to market volatility was the collapse of US broker/ dealer MF Global, after the Jon Corzine led financial went into bankruptcy protection following European debt trades that went sour
ISM US Manufacturing data slowed in October and Construction spending rose slightly. Chinese factory activity grew at a slower pace
Stocks that led the losses on the Dow were BAC, JPM, CSCO and GE falling 6.30%, 5.90%, 5.07% and 4.13% respectively
Dow Jones –2.48% S&P500 –2.79% NASDAQ –2.89%
The USD rallied again overnight, the EUR made three week lows and commodity driven currencies like the AUD and CAD pulled back
Gold weakened slightly as the USD strengthened, Crude fell 1.1%

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

Live Account Opening

Opening a live account is easy. Simply fill out the online account opening form to start the process.

Download your trading software and start trading your demo account TODAY.