Spreadex Market Update
Easter bounce for FTSE and Dow whilst Eurozone struggles with Greek issue
The first positive factory orders number since last July was an extra present after a better-than-expected unemployment claims figure earlier in the afternoon secured a strong US open. However, that jobs figure doesn’t help the Fed; the US jobs data has become consistently inconsistent with soft ADP non-farm figures yesterday being countered by today’s impressive jobless claims. It will be increasingly difficult for the Federal Reserve to accurately assess the state of the USA’s jobs recovery if this confusing trend continues, and could have ramifications for its decision over the rate hike raise.
Despite falls in copper and Brent Crude, the latter inspired by fears that an Iranian nuclear deal would allow for a fresh influx of oil into an already oversupplied market, the FTSE held onto its gains as the day went on. In fact, the strong US open pushed the FTSE slightly higher, with M&S, BTG and Telecom all helping prop up the index’s growth.
Whilst its Anglo-American peers saw decent growth as the day went on, the Eurozone remained incredibly flat this Thursday afternoon, with fingers pointing to the usual culprit: Greece. Athens told its creditors today that it will run out of funds on April 9th, putting the IMF payment at risk as the interior minister stated he would be forced to pick between honouring the country’s financial commitment to the global organisation and paying the salaries and pensions of Greece’s public.
On top of this came Bundesbank leader Jens Weidmann’s warning that ‘time is running out’ for Athens; hardly a shocking revelation, but an ominous, and tone setting, one nonetheless. This news joined reports from last month’s ECB minutes that the central bank is increasingly worried that certain geopolitical problems (take your pick from Greece, Russia, Ukraine, Iran and/or Yemen) could derail the region’s recovery, all of this ensuring the Eurozone indices couldn’t gain any traction ahead of the 4-day weekend.
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