Tuesday, 19 June 2012

Spain, Italy and Greece: The Day After

The day after the Greek election, Euro STOXX 50 index closed lower today, with a couple of the euro zone indexes, Spain and Italy, posting sharp losses. The 10-year yields in Spain and Italy are, not surprisingly on the rise. One notable exception, although perhaps not a "major" European index, was the Athens General, which posted a strong gain (chart below). Here is a quick snapshot, courtesy of Bloomberg.

Here is a closer look at the STOXX 50 since 2005.

Here are the comparable timeframes for Spain, Italy and Greece.

The Athens Stock Exchange General Index is too small to be included in Bloomberg's main list of European indexes. Its post-election gain today was 3.64%, and it is now up 21.9% since its interim low just nine sessions ago.

We'll keep a close eye on these indexes in the weeks ahead.

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