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Video: Greece Can Trigger or Feed a Systemic Financial Correction

Video: Greece Can Trigger or Feed a Systemic Financial Correction

2015-06-30 03:15:00
John Kicklighter, Chief Strategist
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Talking Points:

• News that Greece's debt negotiations would be put to referendum triggered a tangible drop in sentiment

• Greek ETFs and government bonds were the most easily connected responses to the event risk

• A global equity slump suggests this catalyst has moved further out the global risk curve

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Will Greece's deteriorating financial situation prove the definitive catalyst to turn sentiment across the global financial markets? News that negotiations broke down and the government has scheduled a referendum for next weekend - insinuating they will miss a key IMF payment Tuesday - had the expected impact on the Euro, Greek bond yields and those proxies that reflect Greek capital benchmarks that have been closed due to extraordinary circumstances. However, where this situation becomes far more interesting/risky is the spillover we have seen to other, more systemic areas. 'Periphery' Eurozone yields shot higher through the session while global equities even responded with one of the biggest market-wide tumbles we've seen in years. This situation has not played itself out, but it can certainly escalate further and tap a deeper nerve. Ultimately, Greece doesn't need to act as the definitive spark for a global bonfire. Market conditions have deteriorated though exposure and leverage for some time. Even smaller sparks can get the ball rolling or multiple developments can amplify what is already underlying sentiment. We discuss the market's fragile position in today's Strategy Video.

VOLATILITY JUMPS ACROSS THE BOARD

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