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Market Overview
29.05.2015, 15:45

Weekly review: no changes compared to the last week

Markets were volatile this week due to speculation on when the Fed starts to raise its interest rate and due to concerns over the Greek debt crisis. It seems as debt talks between Greece and its creditors will never end. Athens says that there is a progress in debt talks, EU officials denied it.

European Central Bank (ECB) Vice President Vitor Constancio pointed out on Thursday that a default of the Greek government and the solvency of Greek banks are not connected automatically. He noted that Greece will not leave the Eurozone if it does not repay its loans.

International Monetary Fund Director Christine Lagarde said in an interview to a German newspaper that a Greek exit from the Eurozone is possible.

It seems that investors are only focussed on when the Fed starts to raise its interest rate. Even if the Fed starts to hike its interest rate, it could mean nothing. I remember the year 2011. The European Central Bank (ECB) raised its interest rate twice, and lowered it only a few months later. U.S. exporters face difficulties due to the strong U.S. dollar. Just think what could happen if the Fed starts to tighten its monetary policy and other major central banks keep their lower interest rates for a longer period? They could face more problems. Their problems will weigh on the U.S. economy.

U.S. oil producers suffer from lower oil prices. Oil producers cut their spending on investment. Oil sector contributed a lot to the U.S. economic growth. Oil prices on low levels could also weigh on the U.S. economy despite a possible increase in consumer spending.

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