The
market will hope nothing goes wrong soon. For now, world markets are
breathing little easy now that Greek’s PM has shelved the controversial
plebiscite on the EU bailout. However, George Papandreou may still be in
trouble as he braces for Friday’s confidence vote in parliament.
Indian
indices will rise at start following the relief rally across global
equities. But, the undertone may remain edgy over the ongoing political
instability in Greece. Reports also suggest that Italian premier is
under pressure to resign.
G20
leaders have urged eurozone counterparts to stabilise Greece and fix
the two-year-old debt crisis. Leading nations have also agreed to boost
the IMF war chest to deal with potential emergency. Meanwhile, the ECB
has cut interest rates by 25 bps amid looming eurozone recession and
turmoil in Greece. Italian bond yields softened post the ECB move after
having jumped to euro area record. The G20 summit and US jobs data are
among the crucial overseas events to keep on one’s radar. Back home,
inflation continues to be in focus with food inflation jumping to
nine-month peak. Petrol prices have been hiked by nearly Rs 2 per litre.
Services PMI shrunk for the third successive month.
