To be or not to be

bailout

Author: Kunal Damle

All this week has been about Greece with the ups and downs that started off with Capital Controls being imposed on Greece. It was a tough nut but sadly it came to this after all the brinksmanship that was involved. Equity markets swooned over this Greek Swan Song. On the other hand was China, were the markets were on a roller coaster ride of their own, with equity markets extremely volatile; down over 25% in the last month.  One can only say that volatility with a capital ‘’V’’ will be the name of the game.

Indian equities were resilient and saw decent gains going into the week. I would be a little cautious with earnings still weak and the stock markets euphoric; not exactly a recipe for success. Watch out for blips in the coming week.

Closer home GCC markets have been subdued, with Oil correcting to a 12-week low. Commodities have been hit hard on the back of USD Strength. With earnings season round the corner implies most investors would be on a wait-and-watch mode. UAE Stock market especially DFM has been resilient but most of the activity has been in the mid-cap names; eg: Amlak, Amanat, DSI et cetera. Dubai as a market looks to be in a better shape and earnings could be the trigger for the market. Turkey looks apprehensive as June CPI numbers printed at the lowest since 2013 at 7.2%. The outlook for next week, not mutually exclusively depends on the Greek plebiscite.  South Africa too is taking cues from the happenings in Greece.

Finally today will be when the Greeks decide on whether to Vote a “Yes” or “No”. Whatever happens equity markets are in for a choppy week.

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