Market News

What a difference a few hours can make in the world of finance. Greece and the Eurozone group have just reached a debt resolution agreement while Chinese’s GPD received better than expected grades.

Emergency talks are still ongoing in Brussels among the Eurogroup as the parties try to hammer out an agreement that will keep Greece in the Euro.

It’s down to the wire in Greece with only hours left to rescue the country from financial devastation. The big question that looms is whether the Eurozone group will accept or reject Greek Prime Minister Alexis Tsipras’s latest debt rescue proposal which included a series of spending cuts, pension savings and tax increases.

Again, for the second week running this could be a very important week in the Forex market, primarily due to a possible approaching resolution of the Greek Euro crisis within the next few days, one way or another.

A final denouement in the Greek crisis is closer and it looks like there will be no Grexit.

The recent rout in Asian equities having now finally paused has allowed the safe haven Japanese Yen to likewise catch its proverbial breath.

Thursday saw Chinese stock markets prices bouncing around after the securities regulator banned shareholders with large holdings—more than 5 per cent-- in listed firms from selling for the next six months on Wednesday.

Following a volatile morning in which US stocks were down over 1%, trading on the New York Stock Exchange has been halted. The cause appears to be a technical glitch in the system which has thus far been classified as a “gateway connectivity issue”

The members of the European Union have issued a clear ultimatum to Greece: present a new proposal for resolving the debt crisis by Thursday (tomorrow), and a response will be determined by a full Emergency European Union Summit on Sunday.

Risk appetite has surged in the wake of a rout on the Asian stock markets, which pushed the Japanese Yen and the US Dollar higher, albeit briefly.

China has taken over front page today now that Greece has been given a short reprieve as thousands of Chinese companies froze trading on mainland Chinese exchanges Wednesday, shutting down trade on $2.6 trillion of shares, or about 40 percent of the market’s capitalization.

While the ongoing situation in Greece is clearly dominating market sentiment, investors are also pondering another possible troubling situation which is escalating in China.

All eyes may be focused on Grexit and the state of the euro, but commodity buyers are looking beyond Greece and the effects of the debt crisis on gold.

This is getting a little gridiculous, but grere you gro. When the question of whether Greece will remain within the Eurozone or exit from the common currency is finally resolved, we can drop a few ‘g’s.

In the wake of Sunday’s NO vote for a new Greek bailout, currency traders flocked to safe haven currencies as uncertainty continued to escalate.