Wall Street was last man in to the global relief rally on the back of the euro defence package announced after the New York close yesterday. Dow up 404.
After months of destructive dithering, the EU has finally hit the panic button and pledged hundreds of billions of euros in aid for the eurozone while the ECB has yet again reneged and joined in with bond support.
A wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
A brief look at important company events and economic data releases next week.
The ECB managed only to exacerbate fears last night amidst heavy selling while disparate US electronic stock platforms conspired to cause a big error. Dow down 347, having been down 1000 for a blink. (Locked for subscribers until 10:00 AEST)
Greek protest riots turned fatal last night as the euro took another hit. Wall Street closed off its lows with the support of private jobs data. Dow down 58.
European markets gave the Greek rescue a vote of no confidence last night sparking a huge flight to quality and sending stocks and commodities tumbling. Dow down 225.
Strong manufacturing numbers in Australia, Europe and the US helped turn markets around as the Greek plan fails to allay fears. Dow up 143.
A wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
The key question for European policymakers and financial markets alike is now whether “Greece can make it”. This column argues it has been done in the past.