Spreadex Market Update
Lack of Greek news leaves markets flat, but non-farm afternoon should bring US movement
The biggest news of the morning was Greek finance minister Yanis Varoufakis stating that he would resign if the ‘yes’ vote prevailed; yet even this was the confirmation of a largely pre-held view rather than any kind of fresh revelation. Varoufakis was less forthcoming over whether Alexis Tsipras would do the same, with the finance minister claiming that the ‘no’ vote would win on Sunday.
The polls, however, currently contest that fact, showing a narrow lead for the ‘yes’ campaign, no doubt helped by an incredibly pro-deal Greek media. Yet beyond details of Varoufakis’ Bloomberg interview the fact that talks have been pushed to post-referendum means that all investors have to sustain themselves on are the snippets of snarky comments leaking out of the region, leaving the DAX, CAC and the rest of the Eurozone indices rather flat as the day wore on.
Better than expected UK construction PMI helped take the FTSE higher than its European peers this Thursday morning; however with little else on the horizon for the UK index, the FTSE is likely to be at the whim of the still-troubled Eurozone or the super-stacked afternoon of US data.
With the 4th of July weekend seeing an abbreviated week of US trading, Thursday is the new Friday for the American markets. The usual appearance of unemployment claims is joined by its bigger, more important brother in the form of the latest non-farm employment change figure, with a sprinkling of wage growth and unemployment rate data thrown in for good measure. Analysts are expecting the non-farm figure to be between 220k and 240k; a drop-off from last month’s stellar 280k (which bear in mind was itself a 60k besting of the forecast figure), but still leaving the chance for hawk-squawking number.
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