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29Jun2015 Market Close: Markets Down 2%, Oil And U.S. Dollar Down But Steady As Greek Bailout Talks Collapse

Written by Gary

U.S. stocks fell today, as a worsening in Greece's debt crisis jolted global markets and pushed the country closer to an exit from the eurozone. Markets have pierced the lower Bollinger line, also closing below 145 DMA and just above the 200 DMA. The U.S. dollar is testing major support as is WTI oil. The DOW is down 350 points, NASDAQ is down 122. But don't despair, markets will be up tomorrow as a rebound correction.

Todays S&P 500 Chart

Stunned Greeks faced shuttered banks, long supermarket lines and overwhelming uncertainty on Monday as a breakdown in talks with international lenders plunged their country deeper into an ongoing international crisis.

Stocks have fallen sharply in Europe and Asia as Greece's difficulties spread worries about possible broader harm to global financial systems. A collapse in Greek bailout talks has intensified fears that the country could be the first to exit the euro zone. European officials said a deal was still possible to settle Greece's debt crisis, but gave no indication that it could happen before Greece runs out of cash to pay loans due Tuesday.

The Market in Perspective

Here are the headlines moving the markets.

Greece... Mattered: Surveying The Carnage

Greece... mattered!!

The market be like...

* * *

It began as FX markets opened ugly in early Asian trading, but once stock markets started to open, the focus shifted there...

Japan spanked... Nikkei 225 down 730 points from Friday's close...

China collapsed...

When Europe opened it was ugly in stocks...

And bonds... European spreads exploded - biggest risk increase in 7 years...

GE Strikes Multibillion-Dollar Deals to Sell Units

General Electric has agreed to sell its U.S., Mexico, Australia and New Zealand vehicle-financing businesses to Element Financial for $6.9 billion, with a deal to unload its European fleet business also in the works.

This Insane Debt Chart Explains Why Chinese QE Is Inevitable

Last week we took an in-depth look at how China's bewildering hodge-podge of hastily construed easing measures can't seem to get out of their own way. Perhaps the most poignant example of this is how the country's massive local government debt swap effort â€" which, as a reminder, aims to restructure a provincial government debt load that amounts to 35% of GDP â€" is effectively making it more difficult for the PBoC to keep a lid on rates, even as the central bank has embarked on a series of policy rate cuts, with the latest effort coming over the weekend. Here's how we described the situation last week:

Because the central government is ultimately responsible for guaranteeing local government debt, and because yields on the new muni bonds are so close to those on treasurys, the newly issued local government bonds are really just treasury bonds, meaning that, in essence, the supply of Chinese government bonds is set to jump by CNY2 trillion in the coming months. If all of the local government debt ends up being refinanced, the end result will be the equivalent on CNY20 trillion in additional treasury supply.

Or maybe more, according to Nomura, who estimates the burden may be closer to CNY23 trillion. As we saw on Monday, the PBoC has now effectively lost control â€" that is, the central bank's latest policy rate cuts failed to arrest the rapid collapse in Chinese equity prices, meaning monetary policy in China, having long ago failed to shore up the decelerating economy, is now utterly ineffective at propping ...

Greece's Debt Crisis Sends Stocks Falling Around Globe

Stocks slumped on Wall Street and fell sharply in Europe and Asia as Greece's difficulties spread worries about possible broader harm to financial systems.

News Analysis: Monetary Controls in Greece Squeeze Consumers and Businesses

The restrictions will severely impair the functioning of the Greek economy, which is already in shambles after five years of crisis.

MetLife accuses U.S. risk panel of secrecy; demands access to records

WASHINGTON (Reuters) - MetLife asked a federal judge on Monday to force the U.S. government to hand over 500 pages of confidential records that relate to financial regulators' decision to designate the insurance giant as systemically important.

Gundlach says purchased 'lots' of Treasuries, Ginnie Maes on Friday

NEW YORK (Reuters) - Jeffrey Gundlach, a widely followed investor who oversees DoubleLine Capital, said in an interview on Monday his firm had purchased "lots of Treasuries and Ginnie Maes" on Friday, ahead of new developments in the Greek and Puerto Rico crises.

Puerto Rico Urges Concessions From Creditors

Puerto Rico on Monday released a report calling for concessions from the island's creditors in order to stave off a looming cash crunch and take steps toward achieving fiscal health.

Alstom chief confident GE deal will get EU approval

PARIS (Reuters) - The chief executive of French engineering group Alstom SA is confident the planned sale of the group's power business to General Electric Co will win European Union approval, he was quoted saying in a newspaper interview.

Gold's Relaxed Take on Greece

Gold stayed surprisingly quiet Monday despite alarms from Greece, China and Puerto Rico.

Greeks Line Up for Money and Stock Up on Goods as Cash Rationing Starts

Limited to withdrawing 60 euros a day, Greece's citizens must decide how to vote in a referendum that could determine whether they abandon the currency.

Dow Tumbles To Overnight Lows, Down 650 Points From "Greece Is Rescued" Highs

But risk was contained? Greece didn't matter... Once Europe was closed the selling would stop?

Dow is down 650 points from lats week's jubilant highs...

Not going well for that containment...

Charts: Bloomberg

Talks to resolve Lufthansa pay dispute stalled, union says

FRANKFURT (Reuters) - Talks to resolve a pay dispute at German airline Lufthansa have stalled and a resolution is still not in sight, German flight attendants' union UFO said on Monday.

European Leaders Insist Greek Deal Is Still Possible

European officials said a deal was still possible to settle Greece's debt crisis, but gave no indication that it could happen before Greece runs out of cash to pay loans due Tuesday.

Puerto Rico's Bonds Drop on Governor's Warning About Debt

After Gov. Alejandro Garcia Padilla announced that $72 billion in debt was "not payable," the price of some bonds fell as much as 12 percent.

Greece's Banks Give Eurozone Peers Glimpse Into Abyss

Other banks on the eurozone's periphery should be worried about the need for emergency support at Greek banks and the fact it can be pulled.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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