European markets muted as weak Chinese data weighs
As the government pursued efforts to reach a compromise with its creditors, Greek markets were volatile while European shares stalled and core bond yields held near lows on Monday following disappointing data from China.
As Greece’s leftist government began its drive to persuade a sceptical Europe to accept a new debt agreement, some Greek bank stocks rebounded as much 22%. On Monday, Finance Minister Yanis Varoufakis was due to meet his British counterpart George Osborne.
“The market seems to be taking a view that while the risks of a Greek (euro zone) exit are rising (though not yet to the point where they become the central view), the ability to contain the impact on the rest of the market and avoid systemic spillovers is high.”
Asian markets languished after downbeat Chinese factory sector data raised concerns about the world’s second-largest economy. The unexpected contraction of the PMI gauge was the first in nearly 2-1/2 years, and firms see more gloom ahead.
Depressed oil prices also weighed on emerging markets.
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