Spreadex Market Update
Post default calm as Eurogroup prepares to discuss third bailout proposal
With that milestone out of the way, the Eurogroup will convene once again, in the second teleconference of the week, to discuss Greece’s third, ESM supported, bailout proposal from yesterday afternoon. France’s finance minister Michel Sapin has been the most vocal about the chances of this proposal being successful, noting that the impending referendum (which is more and more looking like a backfiring bartering tool for Greece) potentially complicates matters beyond repair. Originally tabled for this morning, this Eurogroup get together has been pushed back to this afternoon, assumedly to give the finance ministers more time to come up with create ways to tell Greece no.
Of course, the Greek banks are also in need of some TLC, and the ECB will be meeting later today to discuss if it will be the one to give said TLC in the form of some increased ELA. Whilst the Eurozone bigwigs try and untangle the situation, investors will at least have some manufacturing data to chew over in the meantime. And despite a slip in the Spanish figure, and a mixed set of forecasts across the region, the Eurozone indices are in the green as they enjoy the post-default, pre-referendum calm.
The FTSE followed the Eurozone’s lead in classically dull fashion, climbing into the green as investors take a deep breath. The UK will release its own manufacturing data later this morning, and with the relative quiet on the markets there is a chance that, for the first time in a while, a FTSE-related figure could be noted by investors.
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