Spreadex Market Update
Tsipras speech on Greek PM leads markets away from highs, but gains remain
The Greek PM insisted that the referendum is just about the acceptance of a deal and not about the country’s euro membership as many of the creditors are keen to make it seem. What deal this refers to exactly is still a bit foggy, and Tsipras was still keen to keep the doorway to a (better) deal pre-vote open. All of this will have further contributed to the Council of Europe’s displeasure at the entire situation. The intergovernmental organisation claimed that there hasn’t been sufficient time to prepare for a fair and proper vote, with the actual formation of the question and what is to be asked for the Greek people remaining unclear.
The Eurogroup meeting is still to happen, and currently there has been no word on the ECB’s decision over ELA to Greek banks. One thing has remained clear; both Merkel and Schauble are holding firm that they have no interest in holding talks until after the referendum. Schauble in particular displayed venom towards Tsipras normally saved for dictators and their ilk, claiming the Greek PM ‘has done nothing’ since Syriza came into power bar reneging on ‘previously agreed commitments’, labelling Tsipras and his party as untrustworthy.
The sound of squawking hawks is only growing louder in the US, with another stellar afternoon of data giving extra credence to calls for a rate hike in September. Better than expected final and ISM manufacturing PMIs, and strong construction spending, were all window dressing for an impressive ADP non-farm figure. The Dow Jones managed to maintain gains due to the positivity in Europe, but this didn’t stop the dollar opening up ground against a basket of currencies; things might be tougher tomorrow, with an early non-farm figure (due to the 4th July weekend) forecast to fall short of the muscular 280,000 posted last month.
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