Anyone who thought financial markets had broken out of the risk-on, risk-off cycle that has dominated trading for the last couple of years surely changed their mind yesterday.
In Hong Kong the benchmark Hang Seng stock index tumbled 2 per cent as investors reacted to the proposed bail-out deal for Cyprus by rushing to take their money off the table.
What spooked investors was the attempt by the "troika" of the European Commission, the European Central Bank and the International Monetary Fund to force depositors in Cypriot banks to take a haircut as part of the bail out.
via Business feed http://www.scmp.com/business/article/1194011/its-risk-again-troika-plays-fire-cyprus
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