Spreadex Market Update
Reports of Tsipras climb down helps markets climb up
However, the minor changes found in Greece’s own new proposal (including the maintenance of island tax breaks alongside a slower implementation a raised retirement age) apparently still contain elements that will be ‘hard to accept’ for the Eurozone’s finance ministers. It also leaves the question of what is actually happening with the referendum on Sunday up in the air.
Wolfgang Schauble took his usual intransigent position that nothing has changed and that there is no firm basis for more negotiations, especially before the referendum; the German finance minister’s hard-line approach to Greece has remained consistent throughout this saga, and satisfying him is one of the biggest roadblocks standing in the way of a deal. The swell of negative dispatches that began to greet the news, of which Schauble was very much a part, couldn’t completely dissuade investors from piling into the Eurozone indices, even if they did fall away from their initial intraday highs. Yet of course it also leaves the chance for a sharp correction if this is all proven to be hot air, as it has been so many times in the past.
The FTSE ran with the same Greek-deal eagerness as its continental cousins, jumping away from yesterday’s 5 and a half month lows in the process. The Tsipras-letter news came at the right time, allowing the index to ignore the UK’s worst manufacturing PMI for more than 2 years.
Whilst Europe attempts to decipher the latest deluge of Greek headlines, the US markets will have a solid afternoon of data to deal with. That blockbuster consumer confidence figure last night was the latest in a growing trend of hawkish data, a trend that will receive a rigorous work out with a double-whammy of manufacturing PMIs alongside the ADP non-farm number.
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