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Don't Cry For Argentina, It's The Greeks That Suffered The Most In March
Venezuela, Argentina, and... China? are the 3 best performing stock markets in March in USD terms (with Ukraine close behind). It is the Greeks that have borne the brunt of global derisking through The Ides, Athens Stock Index down over 15% and the worst-performing stock market in the world for March. Year-to-date, Russia joins the 3 amigos at the top of the list (up almost 11% in USD terms) and Ukraine remains the clear laggard, down almost 33% in USD terms. The best performing global stock market in 2015 in local currency terms is... Denmark!?
Ides of March smack Greece, love China... (in USD terms)
Year-to-date, the picture changes a little... (in USD terms)
In local currency terms, Germnay, Italy, and Portugal join the top ranks... but Denmark is the world's best!!??
The S&P 500 teeters on the brink of green for 2015 but down for March... will they dare to let it close red?
Charts: Bloomberg
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Only that... the greeks are still pegged to the EUR.
Check out USD/ARS and come back with your comments!
OK, I'm weeping for Greece.
What the hell is going on?
SSDD
Last chart: Who knows, could be central banks going full retard.
"It's The Greeks That Suffered"
Then QUIT electing socialists/fascists who spend like mad, borrowing to pay for said spending, then go bankrupt every 25 years. Get real jobs, not government jobs, and be productive people.
'Real jobs' - ie, sit behind a desk prodding a keyboard for 12 hours a week and pissing/wishing away the rest for some godless corp you pretend to give a fuck about just so you can purchase the latest Cupertino iShite and keep up payments on your pokey little aspiration box with its 1x1 lawn and plastic flamingo before being thrown on the retirement scrapheap to enjoy a few years of blissful freedom and abject poverty until it's time to stuff your rotting carcass down a dirty hole.
What's not to like?!
LOL!!! Please get back on your meds.
Your definition of a real job is that of a disgruntled, selfish, immature, moron. Many, MANY, people love their jobs and their work. Yep... I'm one of them. I'm sorry that you hate life. But the problem lies in what's left of your brain after too many drug overdoses, not the jobs that people enjoy.
I hope your job is driving that blue tractor - that's a real man's job. No, I love life, read a report earlier on the number of producers in the us vs total employed, pretty depressing, kinda coloured my comment...
Glad youre happy, but there's a backdrop of battery farmed humans, and well.. don't you just sometimes feel that they're your people and wish they had that spark of freedom to be creative and awesome beings (given half a chance)?
"emancipate yourself from mental slavery" said Bob.
No, I just drive the tractor on weekends and evenings when I need it around the property. My full time job is designing rockets and satellites. Yep, love it. I even put in extra hours for free. What a creative and awesome job!
If you haven't yet attempted to attach rockets to your tractor your life has been naught but a frivolous waste.
That will be this weekend...
It will make the news, no doubt.
Depends on the nature of the work, doesn't it.
Are you prodding away at the keyboard 12 hours a week to create software that will optimize logistical problems? That probably generates efficient returns.
Are you jumping through hoops to tackle regulations imposed by .gov? Well, in that case, I am truly sorry for you.
eom
Wait - it was the Oligarchs that did that, basically the 20-40 richest families, stealing all they could by gvt intervention...........
Cue Ilargi Meijer from TAE slurring the German people once again...
Don't forget about Russia as they are having plants built there left and right
Japan’s Furukawa Electric Co (OFS) Opens Fiber Optic Cable Plant in Voronezh Russia
Russia’s VSMPO and Boeing to Build Plant in Russia
Poland’s APS Energia Launches Assembly Plant in Russia
Sweden’s Oriflame Cosmetics to Build New $170M Plant in Russia
Danish Pharma Novo Nordisk Opening Plant in Russia
Anyone thinking the Greeks are going bankrupt, i.e., openly stating ? Oh me sorry? They have like how many times?
eom
The Greeks' suffering has nothing to do with the stock market...
...and btw the -15% is what you get when you're not part of some QE or other
The Argentine economy has performed better than I expected, at least by my on-the-ground estimation (without any real statistical metric), in the past 6 months. There were clear signs of a downturn last year as an extension of credit (for the first time really in many years) pulled some demand forward and caused a downturn afterward. Inflation for the consumer has been very tame this past year- somewhere in the neighborhood of 8%.
Certainly the direct swap agreement with China and the influx of Yuan reserves has greatly benefitted Argentina, and truly demonstrates that the power of Wall Street and the U.S. to make demands of other nations is in steep, steep decline. But this does not explain everything. There was not the rush to purchase dollars this year in December and January on the blue market (the underground peso-dollar exchanges that exist in every Argentine town and city) that we have become accustom to in years past. I do not know for certain if this was the result of fewer international travelers (who, because of the fixed exchange rate and lack of dollar reserves are limited to purchasing $150 and nothing more for international travel from legal above-board exchanges), for whatever reason, or a change in the saving patterns of Argentine households, since for some time, Argentine households have saved money in the form of USD.
I suspect the rise in the Argentine stock market is related to all of the above. It seems likely, though I cannot know for sure, that increasingly Argentines are investing in the market here rather than purchasing USD with their capital. If so, this is very real and very clear evidence that, not only the power, but also the prestige of the USD is declining severely among the peoples of the world. Two years ago, you could not convince anyone in Argentina that the USD was not the safest way to store weath. It appears... well... times they are a a-changing.
Upon further reflection, attitudes here vis-a-vis the USD really changed in July and August of last year here when Singer and his minions were putting the full press on Argentina. If you recall, it was a few weeks after this that China and Argentina entered into their joint-swap arrangement. Argentine national pride was under direct assault in the minds of most of the people I know here, and I think people really rallied around Argentina (not long after their top-notch performance in the World Cup) and against the U.S.
Furthermore, this has been a very, very good year for Argentine agriculture. The rainfall in the heartland of the country, its bread-basket, is at historically high levels and I have never seen the country so green. So the Chinese will get plenty of soy this year, and the stores will be filled with Chinese electronic devices (for which there is an endless appetite here). Every time I see an old friend, now, I encounter a new flat-screen HD TV in their house. In a strange twist, there are still no tampons in my local grocery store. If you want to make some money and have some capital to invest, come on down, we will start a tampon factory... lol.
In related news Detroit and Stockton have both decided to join the European Union.
TURN THOSE EURO PRINTERS BACK ON!!!
What? No one says, "Somesthing smells wrong rotten in Denamark?"