Asian stocks open lower after the "no" Greek
Le Monde.fr | • Updated
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The stock markets in Tokyo and Sydney have opened sharply lower Monday, July 6, after the clear victory for the 'no' in the referendum in Greece Sunday, a result that opens a period of uncertainty for the euro area.
In the first minute of trading in Tokyo, the Nikkei index of 225 blue chips yielded 1.65% (-339.64 points) to 20 200.15 points. In Sydney, the ASX 200 index of blue chip stocks on the Australian lost 85.5 square dots (- 1.6%) in early trade, to 5 452.8 points.
The euro limit its decline
The euro, however limited its decline and climbed above $ 1.10 during early trade in Asia. The European currency fell to 1.0963 dollars in the wake of the referendum result. Around 8 am in Tokyo (1 am in France), the euro bought 1.1025 dollars, against 1.1107 Friday evening. The euro fell as strongly against the Japanese currency, considered a safe haven, to 134.88 yen against 136.31 yen Friday. Similarly, the dollar retreated to 122.30 yen against 122.72 yen late last week.
The result of the Greek referendum "has two consequences: it legitimizes the position of the Greek government and he leaves the ball in the Europe camp,"write analysts from ANZ Bank in a research note "Either Europe yields. or Greece goes bankrupt, your turn Merkel, "they summarize.
ECB Decision Monday
Greek Prime Minister Alexis Tsipras praised Sunday evening the clear victory of the "no" and said his government was ready to resume without delay the negotiations with the creditors. For its part, the European Council President Donald Tusk said Sunday night that he convened a summit of the euro area for Greece Tuesday evening.
For market participants, the next test will be the decision of the Governing Council of the European Central Bank Monday on the emergency liquidity ceiling (ELA) granted to Greek banks. "The ECB is likely to leave this question open until the situation is clarified in political leaders. In any case, markets are left for an extended period of uncertainty and negotiation, "said Raiko Shareef, strategist Exchange Bank of New Zealand.
The Governing Council of the European Central Bank (ECB) is likely to maintain unchanged the emergency liquidity ceiling (ELA) for the Greek banks, officials said Sunday sources familiar with the matter.
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