US markets closed overnight for the Memorial Day holiday $STOXX50E.I
- Published: 30 May 2012
- Attention turned to Europe overnight as US markets were closed for the Memorial Day Holiday. US futures however turned positive as Greek option polls turned in favour of the pro bailout parties which are prepared to meet austerity measures that are a requirement of staying in the EU
- European markets were relatively flat overnight with investors still moving to the safety of German bunds with the 2 year yields falling to record lows
- Attention continues to surround Spanish banks after Spanish major Bankia SA was suspended from trading as traders speculated that the troubled lender will ask for a government rescue of around EUR19 Billion
- Leading the moves in the EURO STOXX 50 was Iberdrola SA, Banco Bilboa and Banco Santander each falling 3.92%, 2.39% and 3.23% respectively. Leading the gains on the index was Nokia which rallied 3.21%
- DOW –0.60%, S&P500 –0.22%, NASDAQ –0.07% (markets closed)
- The EUR managed to rally off its lows on hope that Greek voters will elect pro bailout parties in upcoming elections and stay in the EU. The AUD tested 0.99 yesterday before weakness this morning saw it test the 0.9800 handle
- Gold managed a small gain in subdued trading , Brent crude was up o/night
