Spreadex Market Update
Markets tentatively continue upswing following Greek rumours last night
The DAX surged back above 11200 last night on reports that Germany is ready to offer Greece a staggered aid deal in return for one immediately implemented reform. This news was the steroid injection the markets were looking for, and helped most of the Western indices recover the losses seen at the start of the week.
However, the meeting between Tsipras and the Franco-Deutsche double act of Hollande and Merkel last night appears to have yielded very little in the way tangible progress, with all sides merely agreeing to ‘intensify talks’. This kind of rhetoric, which may have helped the markets near the start of this Syriza-saga back in January, no longer holds much sway over the global indices as has been the prevalence of such groundless statements. This has left investors slightly aimless this Thursday morning, with little data to help point them in any kind of direction; the Eurozone indices are currently edging into the green in what looks like a mild continuation of yesterday’s positive sentiment.
Of course the FTSE was one of the major recipients of the run-off goodwill that arose around the Germany compromise rumours that circulated before close on Thursday afternoon. A robust morning from the mining sector, with Vedanta Resources on its third day of significant gains, and a solid performance from the oil stocks, both aided by a fairly stable industrial production figure from China, gave the UK index a nudge in the right direction and leaves it eyeing last week’s closing price.
Royal Bank of Scotland was another recipient of good news last night, as George Osborne used his annual Mansion House speech last night to announce the sale of the government’s stake in the much beleaguered bank. Whilst investors in the stock are clearly pleased by the news, a sale at this time would result in a loss, with RBS trading at £3.59, nearly a pound and a half lower than the price its shares were bought at back in 2008.
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