By itself, it was the worst week for European equities since December last year. Viewed another way, it was just a few days of gains unwinding — though more volatility is virtually assured.
The Euro STOXX 50 Index lost 5 percent in the week after Greek Prime Minister Alexis Tsipras announced a surprise referendum on creditors’ bailout demands.
The drop did little more than erase the previous week’s rally and send European stocks back to where they were in the middle of last month, with volatility near a three-year high. The appetite for equities in Europe has oscillated day to day as developments on Greece’s debt negotiations dominated investor sentiment.
This week’s Euro STOXX 50 decline followed a 4.8 percent jump in the previous period. The STOXX Europe 600 Index, which includes shares from the UK, Switzerland and the Nordic countries, fell 3.4 percent in the past five days.
Markets in Europe’s periphery suffered the most this week, with equity benchmark gauges in Spain and Italy falling more than 5 percent. Germany’s DAX Index, which was among the biggest gainers in the first quarter, became the worst performer in the developed world in the second. It lost 3.8 percent in the past five days.
The Athens Stock Exchange was closed all week as Greece kept its banks shut and imposed capital controls.
to shore up its financial system. With an exchange-traded fund listed in Europe suspended, the US version was the only way to bet on the Greek equity market. The Global X FTSE Greece 20 ETF sank 19 percent on Monday to regain about half its losses the rest of the week.
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