U.S. shares fell with
European equities, while Treasuries rose with German bunds in a reversal
of recent trades as Greece remained deadlocked with its creditors over
terms of a bailout. Oil and gold slid.
The Standard &
Poor’s 500 Index lost 0.7 percent at 4 p.m. in New York, halting a two
days of gains. The Stoxx Europe 600 Index slid 0.4 percent after its
best four-day rally since January. The euro rose 0.3 percent to $1.1199
after its biggest drop in three months. The yield on 10-year Treasuries
fell four basis points to 2.37 percent, while German bunds lost three
basis points to 0.84 percent. Oil dropped 1.2 percent.
Euro-area finance
ministers adjourned a meeting on Greece without a deal, planning to
resume discussions Thursday. Germany downplayed the chances of an
imminent deal with Greece after the Mediterranean nation rejected the
latest terms set by creditors to unlock bailout aid. The signs of fresh
cracks between the sides damped optimism from earlier in the week that
had sent stocks higher around the world.
The downbeat tone from
Berlin reinforced the brinkmanship at play as Greek Prime Minister
Alexis Tsipras met in Brussels Wednesday with the heads of the three
creditor institutions. The country faces a June 30 deadline to repay
about 1.5 billion euros ($1.7 billion) to the International Monetary
Fund.
Source : Bloomberg
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