Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market climbed the wall of worry to deliver a flat day despite Grexit and Chiquities continue to hang over the global markets like a bad smell. Greece needs to come up with new plans by tonight their time and then EU has to decide if this ends in a Greek tragedy on Sunday. There is a very small chance now of a deal being struck while the odds for Grexit would now be over 75%. Germany, France, EU and IMF have already run the numbers over plan B and will move sooner than later after seeing the Greek offer tonight. Chiquities rebounded today after some 70% of the stocks are in suspension while all major shareholders and directors were banned from selling shares for 6mths. The test will be what the market does when the restrictions are removed, but that may be a few days or weeks away. The next few days are going to get rocky and there may be some panic selling, but we see this as another buying opportunity. (VIEW LINK)