Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market started negative on Grexit and Chiquities scare and then climbed the wall of worry to a positive day before collapsing under profit taking pressure at the close. Grexit risk is now a non-event. For the global markets, the key worry is that if EU offers a good deal to Greece then the rest of the austerity gang will line up for “what about me?”. The fact that Greece played chicken with EU and eventually folded will work in EU’s favour. Greece has set the scene for the rest of the austerity gang to play by EU rules or get nothing. Chiquities are seeing another day of stable trading, but this is far from resolved. But you can be certain that in a managed economy, equity markets can also be managed up despite challenges. The market was lead down by Resources while Banks closed slightly negative. There are a lot of macro coming out this week from China GDP to US Fed comments to Euro growth outlook….stay nimble!!! (VIEW LINK)