No Deal Expected from the EU Meeting

The market was in a “risk off” mode as investors worried that the informal EU summit (which is still ongoing) would not finalize measures to resolve the Greek issue. Wall Street initially declined sharply but then reversed in the late session amid encouraging US data. The DJIA ended the day losing -0.05% while the S&P 500 added +0.17%. In the commodity sector, the front-month contract for WTI crude oil plummeted to 89.28, the lowest level since November 2011, before settling at 89.90, down -2.13%. while the equivalent Brent contract fell to a 5- month low of 105.39 before ending the day at 105.56, down -2.63%. Apart from the Greek turmoil, reports that the IAEA and Iran negotiation has made some progresses and the World Bank downgrade of China’s growth forecasts also weighed on prices. Gold plummeted for a third consecutive day to 1532.8 before closing at 1548.4, down -1.79%.

See the original post here:
No Deal Expected from the EU Meeting