Spreadex Market Update
Muted afternoon as Greek loan proposal is pushed to Thursday
News that the loan proposal will now not arrive until tomorrow morning instead of the originally tabled this afternoon only took some of the shine off of the Eurozone’s (perhaps naïve) hopes as the day continued.
Yet there was a growing discord inside Greece, as ultra-left wing party Antarsia accused Syriza of bowing to the EU, which is claimed was second only to Nazism as the premier example of undemocratic and authoritarian behaviour. There were also murmurs from one of Tsipras’ key aides that due to the political, as well as economic, crisis in the country it may request an EU crisis summit, because the one thing the Eurozone is crying out for is another fruitless meeting on the topic of Greece.
Yet again US figures arrived with a whimper rather than a bang, as building permits, PPI and industrial production data were all lower than expected. This meant the US markets had a rather inauspicious start to Wednesday’s trading, even if the Dow Jones is still skirting its record levels. After the weakness of today’s figures, the chances of anything hawkish from Fed member Powell later this evening is extremely unlikely.
Despite the pound hitting a 7-year high against the euro earlier today, it was a case of so close yet so far for the FTSE. It tentatively courted 15 year highs, before shying away from the figure as investors lost confidence in the UK index. The doubts over the likelihood of a Greek solution were felt more in the UK than on the continent, and all-day declines by Brent Crude continued to cause issues. Yet tomorrow could be a different story; the chances of an actual, if temporary, fix for Greece seems to be growing, and oil has resisted succumbing to a serious decline for much of the past 2 weeks. Copper also spent the day rebounding, climbing to $262 per pound, and allowing Vedanta Resources to continue its gains.
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