Spreadex Market Update
Semblance of Greek debt saga progress lifts DAX and CAC at start of trading
With the Eurogroup finally holding their first serious discussion about Greek debt relief there was a sense of tentative hope in the air after Monday’s meeting. Now all that has to be done is for the country to outline a post-fiscal target failure contingency plan AND implement some more unpopular reforms in the next fortnight, before the finance ministers meet once against on the 24th May. Easy!
The Eurozone indices, at least, appear to have been lifted by the semblance (however slight) of positive progress, the DAX and CAC rising 0.9% and 1.1% respectively. Both likely would have been higher if it weren’t for the morning’s industrial production data; Germany’s number slipped to -1.3% against the -0.2% expected, whilst the French figure improved to -0.3% from -1.3% month-on-month, but missed the 0.6% target.
Whilst its continental peers dealt with the latest developments in the Greek saga the FTSE was firmly focused on its commodities this Tuesday. With both the oil and mining stocks rebounding from yesterday’s precipitous lurch into the red (largely thanks to a stable Chinese inflation figure) the UK index could eye the 6170 mark as it tries to recover last week’s losses. Still to come is the month’s glimpse into the UK goods trade balance, with analysts expecting the deficit to shrink to £11.2 billion from £12 billion.
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