Spreadex Market Update
Market rebound whilst Tsipras looks set for summit snub
There hasn’t been much positive news to prompt this rebound, especially given the dismal French and Italian industrial figures, so it will be interesting to see if it can last the whole day. A slight slowdown in the euro-dollar has helped make the Eurozone indices more attractive, even if the lack of progress on the Greek issue is still lurking in the background, and the fact that any meeting between Tsipras and Merkel/Hollande remains unconfirmed adds an extra possibility for volatility this afternoon. There is a sense about the markets that despite the DAX’s 3 digit gains this morning there continues to be the ever-present danger of a complete reversal; closing time is a long way off yet.
As ever, the FTSE followed the Eurozone but in a less excessive fashion, posting its own minor rebound as the morning went on. Disappointing manufacturing data failed to register with investors, and a healthy performance from the mining sector helped out the index, with Vedanta once again leading the way on the back of its Indian subsidiary merger murmurs. And despite dismal sales news for Sainsbury’s and the revelation that Tesco is the country’s least favourite grocer, the fact that the former’s figures weren’t as bad as expected pushed investors to take advantage of a reduced price after a month-log supermarket slump, lifting both stocks up by nearly 4%.
After a flat performance on Tuesday, the US futures are seeing tentative gains this morning ahead of what is likely to be another quiet afternoon. Ahead of busy days on Thursday and Friday the US is offering nothing in the way of data this Wednesday, meaning the Dow Jones et al. will likely have their focus on the ongoing issues in Europe, something that could be a recipe for disaster if things take turn for the worst in the Eurozone.
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