The European Market
Since the beginning of the recession in 2008 the stock markets in Europe have filed record poor performances. Several countries have been forced to figure out an expensive bailout plan to get rid of the debt crisis that jeopardized the continent’s economy. However just when it seemed that Europe was probably out of its worst days, the economic crisis in Cyprus highlighted that Europe’s ill fate was far from over. The stocks in Europe have been performing poorly for quite some time but the most recent debacle is the longest streak of loses in three months. This has infinitely disappointed binary traders who wanted to earn some money based on some positive signs.
The fall of the European Stocks
The world’s largest mining company BHP Billiton reached the lowest point in seven months after it had reported a less than expected rise in the iron ore production in the last quarter. Among other miners the Anglo American Plc and the Rio Tinto Group both retreated to finish at 2,878 pence and 1,557.5 pence respectively. Tesco, the largest retailer in UK, slid by 3.3 percent to finish at 372.3 pence. BASF SE went to touch its lowest price in five months by sliding 2.7 percent to arrive at 66.28 Euros. Bayer Ag also lost 2.5 percent to finish at 78.99 Euros. The automobile sector also saw a decline with Volkswagen AG losing 1.9 percent to arrive at 142.95 Euros on reports that the car sales in Europe has touched the lowest level in 20 years.
What Binary Traders Think
Binary traders are utterly disappointed with the situation and are worried that the German economy is showing signs of failure. Germany provided some respite to traders and economists and so strains in the German market are having a deep impact. Moreover the meager GDP report from China is also taking a toll on the European market. Overall, binary traders are not in a position which can be termed as lucrative at this point of time.
According to expert opinion the debacle in the European market is far from being over and binary traders should brace themselves to face even worse situations in near future. The unemployment rate in U.S. is also having a negative effect on the market. Binary traders are not particularly hopeful about the condition in Europe but are ready to wait and watch.