All eyes will be on the Greece vote of confidence! What else?

Updated 20110621 1014pm Singapore time. All eyes will be watching for the result.
The result is expected to be delivered 5pm EDT or Singapore time: Wednesday 0500am.
Though Greece is the primary focus, have we forgotten?

·         The US debt ceiling

·         The China accounting worries

·         The earthquake, tsunami and nuclear crisis in Japan

·         The MENA tension

·         The overshadowed “QE2 is about to end”

Coupled with weak economic data in the US and China, interest rate hikes in emerging and Asia, speculators are worried of a global slowdown that leads to lower demand in commodities.

How about the recent euphoria of hopes of a 2^nd bailout package for Greece, why do oil traders have a different mindset pushing down the price of oil, Gold being a safe haven rises, the gain in strength of Swiss Franc, a primary funding of carry trades.

The CBOE Volatility index, a measure of volatility had pierced through ‘20’ touched a high of 22.39 before settling at 21.85 last Friday.

Together, as you all probably know (the week ended but not impressive. For a continuous sequence of events that lead towards the closing last Friday, read Financial markets are getting tensed towards the weekend )

·         Asia markets closed lower with the exception of the KLSE

·         Though European stocks closed lower for the week but the French and German equity index broke the losing trend

·         S&P eked out a small gain to close the week higher, DOW closed higher pausing the 6 week losing trend while the NASDAQ closed down for the seventh week.

The week of 2011 June 19^th is history. What the speculators will look forward in the coming week will be

·         Not about Greece, but the contagion to PIGS, the numerous financial institution that holds Greek debt, if there were a default (leading to a 2^nd Lehman crisis)  Story of a boy  name Grease

·         The progress of economic data, if any

·         The direction of US monetary policy where the key event would be the accompanying press conference by the Fed Chairman. Personally, I don’t think BB would hint on QE3 unless of a credit event happening in the EZ.

·         EZ manufacturing and services data on Thursday and

·         US GDP on Friday.

That’s the weekly summary for the week and going forward.
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