Matt King, chief investment officer at Bell Investment Advisors said..
"The market is very concerned about Greece and Europe and what it means for U.S. growth, but we don't think the problems there are severe enough to send the U.S. or Asia back into recession. The Monday afternoon dip was also reflective of the fact that afternoon trading volume was thin, making the market more volatile. In addition, the market has tended to switch direction of late in the last hour or 30 minutes of each session.
"We think we've seen a short-term correction, not the start of a bear market. Hopefully the market will become less manic over the next few months and focus more on the fundamentals.
Strategist Carmine Grigoli of Mizuho Securities said "The reality is that the global economy is doing OK, just muddling through. We'll probably continue to have some incredible intraday swings a while longer. But as long as the euro isn't just spiraling downward, the [stock] market has at least a fighting chance of posting gains."
Currency strategist Marc Chandler, of Brown Brothers Harriman said..
"Greece is not expected to have to come back to the capital markets to raise funds any time soon."
Sarah Carlson, vice president-senior analyst in Moodys sovereign-risk group, said..
Weve got a lot of uncertainty around the growth outlook for Greece. Its rare for a country to implement so much structural reform in a very short time.
said Christoph Rieger, co-head of fixed-income strategy at Commerzbank AG in Frankfurt, Germanys second- largest bank said..
This doesnt look good and I expect another round of sell-off. A junk status means it will fall out of some benchmark indices. People who use those benchmarks are likely to sell.
Governor Glenn Stevens left borrowing costs unchanged this month, halting the Group of 20s most aggressive round of interest rate gains, after boosting the benchmark lending rate in May for the sixth time in seven meetings. While the global environment facing Australias economy has become more uncertain, the medium-term outlook remained positive, policy makers said today.
