Spreadex Market Update
Greece/Eurogroup summit draws focus yet again
Things were looking good for a solution yesterday morning, but the rejection by Wolfgang Schauble and Germany threw doubt on the issue just went an agreement had appeared on the horizon. Interestingly, reports are suggesting that it was Schauble who said declined this proposal, with Angela Merkel remaining more open to a deal. In the proposal Syriza agreed to ongoing monitoring by its much loathed Troika of the ECB, IMF and the EU Commission, but its lack movement in regards to continuing all of the current bailout conditions has been the cause of the swift dismissal by the German finance minister. Despite all this, the Eurozone indices remained optimistic last night, edging to a positive close after a turbulent day; however, it had a limper open this morning as the lack of Greek resolution, a mixed set of manufacturing and services data and ongoing violence in Ukraine weighed on the markets.
The FTSE closed in the green by the thinnest of whiskers last night, but couldn’t continue even that mildest of form this morning, with the issues on the continent hampering its start to the day. However, with UK retail sales to be released later this morning, a figure that has beaten expectations for the past 3 months, the FTSE may receive a much needed boost.
After sinking to just over $57 per barrel during Thursday, Brent Crude managed to recover all its losses and then some, closing at $60 and continuing this rebound into Friday. This is yet another reassuring sign from the commodity; even when it has seen big intra-day falls, its resilience has allowed it to stall before these declines could become a sustained plunge. This oil recovery was good news for Premier and Tullow Oil, stocks that have flitted between being in the FTSE’s big winners and losers all week; their current performance provides an opportunity for the UK index to see some rejuvenation before the week ends.
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