Financial Market Report for June 21, 2011
The Euro And European Financials bounced higher on the eve of Vote Of Confidence in the Greek Government … A negative vote by the Greek parliament could trigger poltical and investment chaos in Europe … Vote on Austerity Plan to take place on June 30th.
1) … Stocks bounced higher on the eve of a vote of confidence in the Greek Government
Chart of the Euro, FXE
Chart of European Financials, EUFN
2) … Between The Hedges relates The Local reports Big German/French Businesses Make Plea to 'Save the Euro'. Dozens of Germany's leading business executives have made an impassioned defence of Europe's common currency in a newspaper ad campaign urging angry taxpayers to look beyond the cost of bailouts to the benefits the euro. Bosses from 50 of Germany and France’s top companies, among them. Siemens, BMW, Deutsche Bank, ThyssenKrupp, EON and Daimler, joined the plea to stand firm with the embattled euro in advertisements carried in major newspapers on Tuesday under the headline, “The euro is necessary”.
3) … Reuters reports the S&P has reconfirmed Greek debt restructuring likely a default