Spreadex Market Update
Fragile Greek debt relief progress inspires explosive growth from DAX and CAC
Despite critics and sceptics making themselves heard over the morning (including, unsurprisingly, former Greek finance minister Yanis Varoufakis, who labelled the deal as another example of the ‘extend and pretend’ stance that has defined the Greek debt saga) the DAX and CAC took heart from the fragile progress made yesterday. This left both pushing a 1% rise, the German index benefitting from the additional boost of better than expected Ifo business and Gfk consumer climate figures.
The FTSE couldn’t quite match the pace of its Eurozone peers, settling for a near half a percent jump as the morning went on. A strain of red in its mining sector, alongside a Marks & Spencer-inspired wobble from its clothing stocks (Next falling 1% as M&S plunged by 8%) hampered the UK index, as did the general lack of region-specific economic news.
The Dow Jones looks set to follow the FTSE’s more tempered path instead of the explosive gains seen in the Eurozone, with the futures pointing to a 0.4% rise at the open. In terms of data the US gets a glimpse at the latest Markit services PMI (expected at a 3 month high of 53.1 against last month’s upwards revised 52.8) and goods trade balance (with the deficit forecast to have widened to $60.1 billion).
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