Greek stocks are getting slammed after the resounding victory of Syriza, the left-wing anti austerity party, in elections on Sunday. About five minutes after the market open, Greece’s main stock index fell 5.5%.
That’s wiped out almost all the gains made on Friday, when Athens stocks rallied 6.1%. Here’s how it looked early Monday:
Here’s the scorecard for the other big indexes, which seem to have pretty much shrugged off the results:
France’s CAC 40: -0.04%
Germany’s DAX: +0.32%
UK’s FTSE 100: -0.10%
Spain’s IBEX: +0.10%
Italy’s FTSE MIB: -0.32%
Asian markets were mixed. Japan’s Nikkei closed down 0.25%, Hong Kong’s Hang Seng closed up 0.24% and the Shanghai Composite Index closed up 0.96%.
US futures are down a little. The S&P is 5.75 points lower, and The Dow is down 62 points.
The euro slumped straight after the election result was announced, dropping to fresh 11-year lows against the dollar in Asian trading. But it’s now made back up practically all of the lost ground, rising 0.75% Monday morning to about $US1.23.