Barring the Japanese stock markets, majority of global indices were down during the week gone by. As per recently released data, the US economy contracted by 0.7% in the first quarter. This is in sharp contrast from the earlier estimate of growth of 0.2%. Even Greece slipped back into recession in the first quarter. Greece's economy emerged from a six-year long recession last year, but since late 2014, the political uncertainty has been weighing on the economy.
Over and above, the US Treasury Secretary Jack Lew on Friday also warned about a possible risk for the world economy if Greece and its creditors miss their June deadlines to make the payment. Greece, which has been stuck in a deep debt crisis since last five years, has to pay back US$ 410 m to the IMF by the end of June. On June 30 , Greece's bailout expires, this means it would not be able to call on cash post the expiry of the deadline. European stocks dropped as uncertainty in Greece stays in the spotlight.
Meanwhile, Japan was the only gainer for the week with the Nikkei remaining at 15-year high levels. The Japanese data on Friday showed signs of bottoming. Decline in Yen is further providing the boost.
Back home, the week was quite volatile for the Indian stock markets. The global and domestic factors influenced the direction of the Indian markets. Eyes are now on RBI's monetary policy review scheduled on 2 June, since there are high hopes of rate cut.
Performance during the week ended May 29, 2015
Data source: Yahoo Finance
Over and above, the US Treasury Secretary Jack Lew on Friday also warned about a possible risk for the world economy if Greece and its creditors miss their June deadlines to make the payment. Greece, which has been stuck in a deep debt crisis since last five years, has to pay back US$ 410 m to the IMF by the end of June. On June 30 , Greece's bailout expires, this means it would not be able to call on cash post the expiry of the deadline. European stocks dropped as uncertainty in Greece stays in the spotlight.
Meanwhile, Japan was the only gainer for the week with the Nikkei remaining at 15-year high levels. The Japanese data on Friday showed signs of bottoming. Decline in Yen is further providing the boost.
Back home, the week was quite volatile for the Indian stock markets. The global and domestic factors influenced the direction of the Indian markets. Eyes are now on RBI's monetary policy review scheduled on 2 June, since there are high hopes of rate cut.
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