Spreadex Market Update
Minor wobbles of faith fail to fully harm the rampant Eurozone
That aforementioned meeting of the region’s finance ministers appears to have been a bust, with fingers largely pointing at the late delivery of the latest Greek proposals for the lack of progress this afternoon. Schauble was his usual bearish self, claiming that there was no substantial change between what Greece submitted today and the proposal seen in the last few weeks, whilst Dijsselbloem struggled to muster much optimism.
The post-meeting briefing saw Moscovici and Dijsselbloem reaffirm that this morning’s proposal is still a ‘good basis’ for further discussions, in what is an increasingly passive aggressive sounding comment about the quality of Greece’s ideas. Those further discussion initially looked in doubt, with rumours suggesting this evening’s EU summit might not go ahead; however, EU officials soon confirmed that the grand meeting of minds was still on the agenda. To what end this summit is worth it remains unclear, with most feeling that a deal will arrive not today, but potentially by the end of the week. There were moments, fleeting as they may have been, that the Eurozone indices looked like they were about to retrace their steps; instead the DAX sits nearly 4% higher on the day with investors apparently giddy with hope.
This afternoon briefly saw a rare sight on the markets; concurrent gains for both the dollar and the Dow. The swell of optimism from the across the Atlantic helped the Dow maintain its post-18100 level, whilst better than expected existing home sales gave the greenback a nice little bump, even if it was a bump that couldn’t be sustained for long.
The FTSE spent the day hanging around the Eurozone like a needy kid, climbing around 1.6% on borrowed positive vibes from its continental cousins. A lack of news tomorrow should leave the FTSE at the mercy of the Greek grappling once more, as the index’s own interest remain side-lined for now.
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