DIFC Weekly Economic Commentary - 18 June 2012
Market euphoria post-Spain’s bailout faded as quickly as it set in but the Greek election results are likely to provide some respite to the markets, with the slim majority to the pro-bailout parties (Asian markets are already up a notch). Regional markets were mostly down last week, and the passing away of the Crown Prince sent Saudi shares lower, but recovered slightly yesterday. The Greek results have already sent the Euro to a one-month high, following last week’s disappointing run when the dollar had gained on its safe haven status. Gold had a good run in the build-up to the Greek elections, while oil continued to trade below $100.