Financial Times
May 27, 2011
A week dominated by fears of contagion from the eurozone debt crisis left risk assets largely undamaged as sentiment recovered on guarded optimism that policymakers could contain the Greek crisis.
“Its been another rollercoaster week on financial markets with share markets starting on a weak note on more worries about European debt problems and falls in business conditions readings in Europe and China,” said Shane Oliver, of AMP Capital Investors. “Only then to see another midweek rebound on better earnings news as higher commodity prices pushed up resources stocks and as bargain hunters moved in again.”
Gains on Friday ensured that global equities had their first positive week in four, while the euro recovered from a two-month low against the dollar to make progress over the five days.
The euro’s oscillating fortunes over the week saw it take a big knock on Thursday as Jean-Claude Juncker, head of the Eurogroup of finance ministers, warned that the International Monetary Fund may withhold aid to Greece.
Reassuring noises on Friday against a restructuring of Greek debt from Nicolas Sarkozy, French president, and George Provopoulos, European Central Bank governing council member, calmed investor nerves.
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