Spreadex Market Update
FTSE at crossroads
Spain announced that they had taken a 45 per cent stake in Bankia, the country’s third-largest bank, after worries over the institution had sent Spanish equities into a downward spiral and 10 year government bond yields over the psychological level of 6%.
For now news on Greece is slightly more positive than usual following news the board of the European Financial Stability Facility agreed on Wednesday to make a payment of 5.2 billion euros in emergency aid to the beleaguered country, however concerns are ongoing.
At the time of writing the FTSE is up 0.1% at 5535 however how long it holds on to those gains is anyone’s guess.
With a long day ahead of us in terms of data and low volumes this technical bounce off of year lows could find it hard to sustain itself if we see any slight indication of more problems in Europe or even the US and as a result we are expecting another potentially volatile day.
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