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Massive risk aversion is spreading across markets.
According to asset managers, Greek situation in Europe is accompanied by Stock market meltdown in China. In fact Chinese melt down pose greater risk to world market.
Commodities are sharply down as concern boils up, even egg futures, which is suffering through supply shortage in US, down more than 4%.
Copper prices are down almost 10% since last Friday.
Today in China, Iron ore future is down almost 8% and Steel prices down by 5%.
Gold, which usually does well at time of risk aversion, is down sharply close to 2% this week due to slowdown in China.
Chinese benchmark stock index is down -5.9%, despite all the efforts from authorities to keep it buoyant. Index closed at 3507, down more than 32% in last 1 month.
One big benefactor of the situation has been Yen, which has advanced against all its counterparts' even dollar. Yen is currently trading at 121.6 against dollar, up 0.76% so far today.
Risk aversion might rise further if US benchmark stock index, S&P500 breaks below 2040 support area.
