Spreadex Market Update
Syriza outline debt-plan, FTSE up on oil
However, whilst this plan has calmed the markets, claims that Syriza are backing away from an actual debt cut have riled Varoufakis, who stated this morning that some of his proposals have been misinterpreted. At the same time, Greece is now asking for €10 billion in short-term bonds in to cover its funding issues whilst it tries to negotiate a new deal with its creditors; Syriza appear to be stuck in an attempt to have their cake and eat it, both decrying the Troika and asking it for help.
With the majority of Monday’s Eurozone data either positive or flat and a palatable debt-plan from Greece, this morning the DAX built on yesterday’s fresh all time high whilst the other Eurozone indices rallied as the region continues its impressive post-ECB QE form. However, with Syriza seemingly displeased that their debt-plan has been taken as an act of contrition on their part, any news from Greece as the day goes on may be decidedly stormier.
A continued strong performance from the FTSE’s energy and mining sectors allowed the UK index a strong open to Tuesday. As BP, like Chervon and Exxon Mobil before it, beat analysts’ doom-laden expectations, the cheap price of oil appears to have been better managed than forecast. This news allowed Brent Crude to further push the limits of its current rally, once again reaching $55 per barrel as the morning went on; similarly copper appears to be distancing itself from the $250 per pound level it had teetered on for much of last week. However forecasts for UK construction PMI are suggesting a decline, something that may ruin the index’s commodity-based party.
Finally, after a rough start to February the US markets managed to close strong on Monday; however, the Dow Jones has been inconsistent of late, and with little in the way of significant data, the US will be looking to Europe before its open later today. And with Obama outlining his pledge to tackle the offshore profits of the USA’s multinational companies, it will be interesting to see how investors react to the news that big boys like Apple and Microsoft could be hit with a $10 billion tax bill each.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
