Spreadex Market Update
Start of crunch week for Eurozone as Greek IMF repayment looms on Friday
2015 has been a mixed year for British manufacturing, but in a post-election, Tory governed UK analysts are expecting an upswing, something that could help the FTSE widen its gains as the day goes on.
Flat-to-contracting manufacturing data from China caused a surge on the Shanghai Composite this Monday as investors flooded into the index on the hopes of fresh stimulus from Beijing. This is a welcome return to growth after the worrying declines seen last week caused some analysts to speculate that the Chinese market bubble may be about to burst.
Entering a potentially make-or-break week for the region, the Eurozone indices are surprisingly perky this morning as they posted mild gains amidst a flurry of manufacturing data. With Spain posting its fastest monthly factory growth since 2007 the region could briefly focus on some news other than Greece. Not that will last for long, however; with the IMF repayment looming on Friday, the dispatches from Greek remain worrying. Tsipras, in a tone that is a world away from the bullish claims of last week, called the demands of the country’s creditors ‘absurd’; combine this with a Bundesbank report that suggests the Greek bank situation is a hair’s breadth away from crisis, and the Eurozone could be in for a long day once the dust has settled on its manufacturing results.
The latest twist in the Plus500 tale this Monday saw the beleaguered online trading platform is set to be bought for £460 million by Playtech. These two companies have an interesting Israeli connection; Playtech is owned by Israeli billionaire Teddy Sagi, whilst Plus500 has its main operations based in the country. In light of the deal, the market movements by the respective companies is hardly surprising: Plus500, which has escaped a perilous situation through this deal, is up over 6%, these gains coming on top of big leaps at the end of last week; Playtech, on the other hand, has fallen by nearly 5% as investors showed their displeasure at this newly acquired risk.
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