Spreadex Market Update
List delivered, now markets wait for Eurogroup
The decision is now in the hands of Brussels, and with the Eurogroup set for a conference call later today the markets should hopefully receive some kind of answer this Tuesday. Signs are positive this morning, with economic Grinch, and Greece’s main rival, Wolfgang Schauble asking German MPs to back the bailout extension. If Schauble is behind the plan, then it gives extra credence to the idea that a solution, regardless of the compromised and can-kicking form it has taken, could be finalised today.
However the Eurozone indices have looked very flat this morning, suggesting that investors are increasingly wary of having their hearts broken once again over this issue, and don’t want to count their chickens before they’ve hatched. Whilst the world waits for an answer, the Eurozone will have the latest CPI figures for the region to deal with, alongside a statement from ECB President Draghi, who will likely be peppered with questions over the Greek situation.
The FTSE opened flat this morning, if flat with a greenish hue, as it again failed to match the performances of its European and American peers. The index hasn’t been helped by Vodafone’s slide, inspired by a mixed reaction from analysts over the state of the stock, alongside the latest decline in its key commodity stocks. With Brent Crude slipping to $58 per barrel as it continues the fall that began last Friday, Oils both Premier and Tullow suffered; copper has had a similarly rough time of it, sinking to $257 and dragging with it Vedanta Resources and KAZ Minerals.
Later today investors will be looking to Mark Carney’s testimony in front of the UK’s Treasury committee on the latest Inflation Report, which had a mild hawkish tone to it; if Carney can strike a similar sentiment today, the FTSE may be buoyed to a more robust performance this afternoon.
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