Spreadex Market Update
Markets continue Monday’s bounce back, Greek situation increasingly bleak
The lack of hope surrounding Friday’s Eurogroup meeting inspired some drastic measures from the Greek government yesterday, as it issued a decree forcing its local governments to transfer funds to its central bank. This latest cash grab looks like it came at the right time, as reports this morning are suggesting that the ECB is looking into reducing its ELA for Greek banks, a move that would make an already dire situation for the Greek financial institutions much worse.
However, the Eurozone markets seem intent on continuing the bounce back that began with the Chinese reserve ratio cut at the start of the week; the DAX is now well above 12000, with the rest of the region following suit. Things could only get better if the latest ZEW economic sentiments can exceed the already strong forecasts later this morning. Yet whilst the Eurozone is sustaining its robust growth, the euro continues to be the main market victim of this Greek saga, struggling against the dollar and the pound as the chances of a Grexit rise with each solution-less day.
The FTSE is continuing to pretend last Friday didn’t happen; the UK index is tickling 7100 and once again looks like it could break its all-time record highs. This despite a fall back from the mining and oil stocks that were looking so strong yesterday, as Brent Crude and copper lead the sectors lower.
It looks like Sky’s expensive gambles for the Premier League rights and an increased presence in Europe has paid off, with the media giant seeing a 20% leap in its 9 month group profits, alongside its strongest UK growth for 11 years. This lead to around 4.5% in gains for the Sky after the bell, with investors understandably pleased with the risk-and-reward situation at the company.
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