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Two themes of risk aversion is hurting the market hard as billions are being wiped out as stocks and indices move downwards.
- Risk aversion has hit the market this week as Greece delayed IMF payment, raising the stake in negotiation. Both sides as of now remains far apart enough, which could trigger a referendum by Greek government. If creditors remain stubborn over their latest proposals, Greek government will have little choice but to call a referendum or accept the proposal.
- On the other hand, Friday's Non-farm report that saw job gains of 280,000 beyond what was expected by market brought back the fear over FED rate hike with some calling for a hike as early as this month.
Equities are shedding gains fast.
- S&P 500 has fallen below 2080, from its high of 2137, while German DAX has wiped out 150 billion Euro as it fell below 11000 mark lowest level since February. Further decline might occur, if risk aversion gathers pace.
- Yen has gained against dollar and major counterparts as risk aversion gained momentum. However Yen is now up 40 pips from its low around 123.8 against dollar, suggesting slight relief in risk aversion.
Volatility which is up across markets, is likely to go up further over the coming months.
