Markets in the red!
Economic indicators concerning Canadian Industrial Products, German Inflation and European Consumer Confidence will all be taking a backseat to today’s top story.
The possibility that Greece could leave the eurozone will be the hot topic around the world this morning. Athens took a step in that direction over the weekend, opting to call a referendum on the most recent European bailout proposal, which Prime Minister Alexis Tsipras and his government are encouraging voters to reject. The euro fell briefly this morning by close to 2% against the USD and CAD before returning to its closing level from Friday, a movement that shows how jittery markets are as we kick off the week!
Across the world from the Greek drama, Chinese authorities are grappling with their own issues, including a slumping economy, an overheated real estate market and now a stock market that is officially contracting. For the moment, the rate cuts announced this morning by the People’s Bank of China have not been enough to halt the correction.
