…and US futures not looking much better.
The Euro Stoxx 50 is down 4.4% at the time of writing; UK, German, French, and Spanish equity markets are all down more than 4.3%. The S&P500 futures are down around 1.5% and Australia’s SPI200 is also down around 1%.
Plenty of downside risk yet whilst politicians kick the Greek can down the road and US politicians continue to put their own aspirations first and the US economy second. Unfortunately for Australians, the Chinese Purchasing Managers Index (PMI) showed continued weakness such that most manfacturers believe the business outlook is getting worse.
No doubt all of this market carnage will continue to fuel the newspapers and television over the coming days and weeks so I can only see confidence deteriorating everywhere. There appears little sign of what could turn around this deteriorating global situation amongst the major economies and markets…perhaps a Greek default???…that certainly might accelerate a turnaround but I don’t think anyone knows how much worse things would get first.