Main Markets Summary–16 June 2011–Greece (again)

European markets got hammered yesterday, the record drop going to Spain (-4.95%), but an average of –4.10% for the Eurozone. The market is clearly disappointed by the delaying tactics of the ECB, and the lingering disagreements between Germany and France.

Credit markets in general had a very good day, it’s the first time since the beginning of the sell of that we observe a “flight to safety”, with US treasuries up 1.8 %. Junk bonds are still having a hard time, being below the short term moving averages, but are not breaking down.

Best equity markets (further above 200 ma) : Ireland & Switzerland

Most oversold equity sectors : Solar, Shipping. With a PE of 12, the solar sector starts to look cheap, despite the oversupply that is expected until 2012.

US Indexes, Equity Sectors (US & Int.), Commodities Int. Equity Indexes, Real Estate, Bonds
 06_15_2011_db1
Click for the snapshot
 06_15_2011_db2
Click for the snapshot

Permanent address for the market snapshot, updated daily around noon Singapore time

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