Sentiment Damped as Greece Downgraded to Selective Default

Financial markets waxed and waned yesterday with market sentiment dampened by the non-eventful G-20 meeting. Moreover, although Germany’s lower house approved the second Greek bailout package, S&P’s cut the credit rating of the debt –ridden country to ‘selective default. Amid concerns over the pace of economic recovery, crude oil prices declined after soaring to multi-month highs last week. The front-month contract for WTI crude oil fell to 107.27 before settling at 108.56, down -1.10% while the equivalent Brent crude contract plunged to 123 before ending the day at 124.17, down -1.04%

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Sentiment Damped as Greece Downgraded to Selective Default