Spreadex Market Update
Euro indices trading broadly lower
With political unrest in Portugal showing no signs of easing, deepening turmoil could trigger a snap election, derailing Lisbon’s exit from an EU/IMF bailout. Portuguese bond prices have slumped with returns on 10-year yields going above 8% (8.1% currently) for the first time since November 2012.
After finance ministry officials made clear that Greece are not on track to meet tis reform goals, it has now emerged that international lenders may freeze emergency aid for 3 months unless government officials can convince them that that the economy is recovering. Athens has been given a three-day ultimatum to convince European officials that it can deliver on its promises before unlocking 8.1 billion euros (6.8 billion pounds) in aid.
U.S ADP figures released today at 13:15 have beaten forecasts by some distance posting a 188k increase (161k forecast). The markets have shown little reaction as investors are cautious that any good data will encourage the Fed to scale back stimulus more aggressively.
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