Eurozone crisis deepening - 25th June 2012
The eurozone crisis is deepening as investors have little faith in a culmination of any sort of agreement on how to deal with the situation at this week’s EU summit. Never mind the FTSE which is suffering losses of over 1%, it’s European indices that really told the story with the German Dax over 2% lower, the Spanish Ibex over 3% in the red, all completely dwarfed by the Greek stock index which has finished with an almost 7% decline.
Investors have all too often seen these summits before ending with little in the way of a resolution. The markets are crying out for the bazooka that will put an end to the uncertainty, but unfortunately Europe’s paymaster Germany is unwilling to pull the trigger. High beta stocks such as banks and miners have borne the brunt of the selling today and with continual half baked approaches as to how to deal with the eurozone’s problems, it is hard to see why any rational investor would want to have more exposure to equities.
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