Spreadex Market Update
Muddled manufacturing data and more mixed messages from Greece create bad Monday market mood
This led the Eurozone-wide figure to see a marginal decline, wiping away the goodwill that had begun to build up after the bell.
With the manufacturing figures quickly swept aside, Greece, as it is likely to do all week, came to the forefront of investors’ minds, helping the region edge into the red in the process. Certain figures in Greece have been voicing their displeasure at what they perceive as a ‘bailout bias’ in the selected IMF representative Elena Panaritis, interestingly the first choice of the beleaguered Yanis Varoufakis. This issue has become yet another example of the growing discord not only between Greece and its key creditors (who once again have pointed out the need for ‘concrete reforms’), but between those in the Syriza-led Greek government as well. Not the kind of developments Greece would want on day 1 of its month from fiscal hell.
The UK fared no better than the Eurozone this morning; a worse than expected (but better than last month’s) manufacturing figure helped take the FTSE below 7000 after the index had initially been pushing forward after the bell. As has been the fashion of late, the FTSE’s commodity stocks are playing their usual part in the index’s misfortune, with China’s manufacturing data causing issues in both the oil and mining sectors.
The US futures were fairly flat this morning ahead of what is likely to be another testing afternoon of data. The core PCE price index, a figure many suspect as being the Fed’s preferred measure of inflation, should provide the latest examination of the US consumer climate, whilst final and ISM manufacturing PMIs will provide greater insight into the current state of the country’s economy. With Fed vice-chair Stanley Fischer also speaking today in Toronto, in a speech titled ‘Lessons from the Financial Crisis’, investors will have plenty to chew over in regards to the rate hike debate.
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