Spreadex Market Update
Investors keep up positive attitude this Wednesday as indices lifted from their lows
The Eurozone led the markets this Wednesday, as they have done for the past week and a half, with the turnaround in the region allowing the fog to clear over the FTSE and the Dow. A flat day for the euro-dollar meant the DAX didn’t have to worry too much about its exports, whilst a lack of real news on the Greek front appeared to instil a bit of positive appetite in investors, something that has been notably lacking of late.
In regards to Greece, a hug from Jean-Claude Juncker and the reminder that negotiations need to continue from Angela Merkel were the extent of Alexis Tsipras’ achievements at today’s EU summit, unless you add in the fairly outrageous claim from Greece that it didn’t find out the negative reaction to its latest proposal document until today.
The FTSE managed to regain all of yesterday’s losses, and then some, lifting it away from its 3 month lows on the back of a calmer day for the Eurozone alongside a Vedanta-led mini-renaissance in the mining sector. More movement should come in late trading tonight and regular trading tomorrow morning following George Osborne’s now-yearly Mansion House address. The speech is expected to include a return to Victoria-era surplus targets alongside comments on the banking levy, something sure to be of interest to HSBC in particular.
With the severity of the Greek issue apparently disappearing for a day, the US markets were allowed to bask in the glow of a falling greenback this afternoon, with sterling especially putting in a good performance against the dollar. Tomorrow should bring with it a bit more of a busy day for the Dow Jones, one that might not be as gain-filled, dependent on how strong the US retail sales and jobless claims are.
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