Spreadex Market Update
Flutters of Greek deal hope mitigates market losses
Details on the situation remain foggy, with enigmatic ‘Greek officials’ claiming that there are initiatives to continue negotiations, but it was enough to get investors a bit more hopeful that this week won’t end in heartbreak (or happiness, dependent on your view of Greece being in the Eurozone). It is another classic day of trading where movements are being dictated by the sporadic, sometimes contradictory, and largely unclear dispatches from Greece and its creditors, meaning the current, if mild, positivity could easily switch back to a darker shade of red if these rumours begin to dissipate.
Elsewhere in snatches of news from the region, Euclid Tsakalotos claimed that the referendum wasn’t the endgame, but merely another part of the negotiation process, whilst Athens vehemently denied it was preparing to re-instate the drachma. There was also the little matter of some non-Greek news, with both the Eurozone’s inflation figures combining in as expectation with the unemployment rate remaining steady at 11.1%.
The FTSE unsurprisingly followed the Eurozone indices higher but couldn’t full escape its declines following a worse than expected current account figure. That is 7 quarters in a row of disappointing current account data, and the slight revision in Q1 GDP failed to compensate for the bad news.
Whilst the European indices flip flop between mild gains and worsening losses, the US futures were firmly in the green as the morning went, with a flat situation for the dollar against the pound and the euro no doubt helping matters. This afternoon brings with it the latest Chicago PMI and consumer confidence figures; both are expected to improve on last month’s data, something that could bode well for the dollar, if not the Dow.
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