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A week of mostly headwinds for global markets
The knock-out blow came on June 15 during the hypnotic full moon, the world seemed to be coming apart at the seams. The Greek austerity riots overflowed into Vancouver with disgruntled hockey fans torching their own town after their beloved Canucks lost the coveted Stanley Cup to the big bad Boston Bruins. Speaking of Greece, mid-week the energy markets followed the broad based equity asset sell off with no short term solution in sight to Greece’s sovereign debt dilemma. Their PM is struggling to implement the necessary austerity measures and maintain power. The European Central Bank is reluctant to provide another bailout to this sinking ship. Moody’s credit rating service put three of France’s largest banks on their credit watch status because of their significant exposure to Greece's debt. If Greece defaults on their loans, this could start a global financial catastrophic chain reaction. Uncertainty and gut wrenching fear is driving the markets this week.
By: John Voros, Senior Petroleum Analyst
For more on the U.S. manufacturing data and what’s rattling investors and what it all means for Canada, check out this week’s Energy Report. To find out about subscription rates email us at: info@en-pro.com.