Greece: investors are becoming nervous - 19.6.2015

The euro fell across the board on Friday on persistent worries over the fate of Greece, as it teeters on the edge of default and an exit from the euro zone. As the deadline for Greece's 1.6 billion euro repayment to the International Monetary Fund approaches, investors are becoming more nervous. Stocks on Wall Street were trading higher, while the dollar fell marginally against a basket of currencies. The Nasdaq Composite on set a record intraday high, with stocks on Wall Street in rally mode boosted by strong economic data. S&P 500 closed within 0.5 percent of its record. The Dow Jones industrial average rose 180.1 points, or 1 percent, the S&P 500 gained 20.8 points, or 0.99 percent. All the 10 major S&P 500 sectors were higher with the health index leading with a 1.5 percent rise. The benchmark S&P 500 index posted 41 new 52-week highs and 2 new lows. European shares rose in early trading on Friday, buoyed by gains overnight in Wall Street, although persistent concerns over Greece kept a lid on the overall progress. The pan-European FTSEurofirst 300 index rose 0.4 percent to 1,530.97 points. Germany's DAX progressed by 0.7 percent while France's CAC rose 0.5 percent. Nevertheless, the deadlock in talks between Greece and its creditors remained of concern to some investors.

U.S. soybeans edged lower on Friday, but the oilseed was poised to record its biggest one-week gain in more than five months as concerns over lower U.S. production stoked gains. Chicago Board of Trade July soybean futures fell 0.13 percent, but is set for a weekly gain of nearly 4 percent after hitting a five-week top in the previous session. Soybeans have drawn support from concerns that recent heavy rains across key growing regions will prevent U.S. farmers from completing their full planting intentions. Despite falling for the previous two sessions, corn is poised to finish the week up 1 percent - recouping half its losses from the week before. Wheat is poised to finish the week down nearly 3.5 percent, extending two-week losses to more than 6 percent as any weather threat to the U.S. harvest now appears to have eased.
Oil prices were little changed in thin trade on Friday, with a forecast of higher output by U.S. shale oil producers this year adding to worries over demand and preventing the market from extending the previous session's gains. WTI Oil had lost 14 cents to $60.31 a barrel as of after closing up 53 cents on Thursday. Brent crude gained 3 cents to $64.29 after settling up 39 cents. Without much change in fundamentals as well as changes to dollar strength, crude oil prices continue to move sideways. Saudi Arabian Oil Minister Ali al-Naimi said he was optimistic about the coming months, given increased global demand. Naimi noted a reduction in the level of commercial stocks and an improvement in prices.