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Fear Continues To Rise As Greece Fails To Form A Government

ByBinary Options Strategy
Published 05/16/2012, 04:40 AM
Updated 05/14/2017, 06:45 AM
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Equities

Asian markets dropped on Tuesday, as fears of a Greek exit from the euro escalated. The Nikkei lost .8% to 9901, the ASX 200 fell .7%, and the Kospi shed .8%. China’s Shanghai Composite eased .3% to 2375, while the Hang Seng rallied .8%, snapping a 7-day losing streak.

European indexes extended their losses, as banking shares tumbled 3.4%. The DAX fell .8%, the CAC40 dropped .6%, and the FTSE sank .5%. Greece;s stock market tumbled 3.6%, hitting a 22-year low, and Spain’s IBEX fell 1.6%.
ESTX BNK PR INDEX
European Banks Continue To Struggle

US markets fared no better. The Dow fell 63 points to 12632, the S&P 500 declined .6% to 1331, and the Nasdaq edged down .3%.

Home builders rallied after the NAGB housing market index jumped to 29, blowing past forecasts for 26, climbing to a 5-year high. Lennar jumped 2.8% and DRHorton cllimbed 2.5%.

Currencies

The Dollar Index climbed to a 4-month high as the eurozone debt crisis continues to grow. The euro fell .9% to 1.2717, a 4-month low, and the Swiss franc dropped 1% to 1.0689. The pound sank .8% to 1.5965, breaking through the 1.60 level, and the Canadian dollar dropped .7% to 1.01. Even the yen struggled, declining .5% to 80.37.

Economic Outlook

Tuesday’s economic data was mixed. Retails sales rose a mere .1%, below estimates for a .2% gain. However, the Empire State manufacturing index surged to 17.1 from last month’s 6.6, blowing past forecasts of 9.3. Business inventories rose .3%, less than expected, and CPI was flat.

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