To make it simple and short!
Greek elections results. Markets reacted negatively.
Greece‘s unstable, unpredictable coalition is unlikely to last, risking another Greek crisis and default threat in the coming months.
Tuesday and Wednesday:
Hope and disappointment after ECB and Fed stimulus.
Markets rose over the coming days hoping for central bank help.
They were ultimately disappointed, as Germany remained opposed to using rescue funds to buy GIIPS bonds, and to any material changes to Greece‘s rescue deal.
Thursday and Friday:
Markets went lower in Thursday and were the prime market mover last week, this is due to a combination of poor macro data and news of bank credit rating downgrades from Moody’s.
There was some modest recovery Friday in the US on realization that bank downgrades were already priced in.
Europe was lower on repeated German refusal to compromise with Greece and Spain possibly hitting junior bank bondholders with losses.