Spreadex Market Update
Quiet day from Greece leaves market gains intact, growing discord at home for Tsipras
The DAX held firm near and around the 11600 mark, whilst the CAC was roughly 5050, a similar 3 week high to its German counterpart. The only dispatches surrounding the Greek situation were in regards to the in-house reaction to yesterday’s proposal, i.e. how difficult is it going to be for Alexis Tsipras to get his own government to pass any fund-unlocking measures?
Simmering discord from both Syriza and junior coalition partner ANEL was present all day without ever materialising into deal-threatening discourse: yet. Many in Greece are still resistant to the concessions the country’s creditors want it to make, and it has begun to look like the biggest barricade to a successful, if short term, solution may not be the creditors, or even the Greek negotiating team, but a displeased Greek government and an electorate who feel betrayed.
The Dow Jones managed to post mild gains after the bell this afternoon, despite the dollar finding some extra fuel in its tank. Mixed durable goods orders, a miss in the flash manufacturing PMI and better than expected new home sales hardly suggests the kind of data strength the Federal Reserve is looking for; however no one told the dollar, which surged to a 2 week high against the euro, and just shy of a one week high against the pound. Both the US markets and the greenback will undergo a more significant test tomorrow when the final GDP figures for the first quarter are released, with analysts expecting -0.2% against the preliminary -0.7% figure released back at the end of May.
And what of the FTSE, the quietest (and currently least interesting) of the major global indices? The UK index maintained its gains, holding onto its one and a half week high without showing any real interest in doing anything but follow the Eurozone’s lead.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
