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Market Overview
Sentiment Worsens on Monday
Stocks fell globally on Monday as investors priced in new
political risks from Italy. The euro was dragged lower by the standoff between
Rome and Brussels over Italy's budget proposals, which worsened the
global sentiment and stock indices fell sharply.
The German DAX was 1.5% lower during the US session, while
US indices opened more than 0.5% weaker. However, the Nasdaq dropped 1.5% amid
the bloodbath in Apple as the Iphone maker decline below the psychological
level of 200 USD, which triggered some stop losses and pushed the whole Nasdaq
lower.
On the currency markets, the greenback was a big winner
today as the dollar index pushed to fresh 17-month highs amid the sell-off on
the EURUSD pair. The single currency lost 0.6% on Monday and dropped below the
1.13 mark against the greenback, which confirmed the bearish trend on this
currency pair.
Bond markets in the US remain closed today due to a holiday,
but we can assume they will open sharply lower tomorrow, considering the recent
risk-off sentiment on the financial markets.
There are no major data on the agenda today and thus the
actual selling pressure on stocks could remain throughout the day.
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