Firsova>On the other hand trying to make a logical appraisal of...

Firsova

>On the other hand trying to make a logical appraisal of why stocks are falling in our current market is very difficult indeed .

My interpretation which I understand is conventional wisdom, is that it is mainly about Greece and the future of the Euro. If the Greeks vote for anti-austerity parties in the second round and the Germans refuse to renegotiate the deal Greece is out of the Eurozone and probably out of the EU. This has very negative implications for the Eurozone with Portugal, Spain Italy and Ireland in trouble.

If Merkel holds her line economic activity in at least southern Europe will fall with commensurate drops in the rest of the World incl China. Remember Europe is China's largest market.

PPX with its heavy European exposure will then find it heavy going, probably more so than companies mainly exposed to exports to China (commodities) who are also affected.

I am an optimist and hope either the Greeks ultimately accept the deal and/or Merkel with encouragement from Hollande and the disasterous German State election, offers some sweeteners to the Greeks to get the deal over the line.