It was red pretty much across the board yesterday
City Index May 15, 2012 3:16 PM
<p>It was red pretty much across the board yesterday, with the FTSE down 2% or 110 points to 5465 Greece’s failure to form a new […]</p>
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- It was red pretty much across the board yesterday, with the FTSE down 2% or 110 points to 5465
- Greece’s failure to form a new coalition government has fed eurozone debt unease as the likelyhood of an anti-austerity Greek government increases and officials start to talk more openly about Greece leaving the eurozone
- The CAC and DAX both followed suit, with the CAC down 2.3% and DAX down just under 2%
- On the other side of the pond the story was much the same with Wall Street losing 130 points to 12690
- JP Morgan continued its downward slump, losing another 2% after chief investment officer Ina Drew announced she was leaving in the wake of its $2 billion trading blunder last week
- Strong German GDP data has lead to a slight upside across European shares this morning but the euro bears are not going anywhere for now
- Security company G4S, one of the largest employers in the world, reported strong growth in first quarter revenues and gave an upbeat forecast, leading shares up 3.52% this morning
- The biggest winner this morning is the engineering firm Renishaw which climbed a whopping 9.62% after moving from reduce to hold this morning by Numis after revising full-year earnings upwards
- In terms of economic news today we’ve got German economic sentiment to look out for to see if it can confirm what GDP figures said yesterday and US core CPI and retail sales after lunch at 1.30pm
- Other than that it’s all eyes on Greece and the implications of a Grexit – especially for the those most vulnerable such as Spain, which is already under increased pressure to expedite the reform of banks.