Spreadex Market Update
Latest Greek waiting period saps energy from markets
Everything at the moment is in limbo; even the referendum has been fully confirmed, with the Greek Council of State still deliberating its legality. An overall solid selection of services PMIs for the Eurozone and better than expected region-wide retail sales was hardly the stuff of market volatility in these Greek-dominated days, and the Eurozone’s indices have struggled to escape the flatness that was present at the open.
Whilst the limited trading in the US due to the 4th July weekend isn’t helping matters, the main reason for the stagnation is that the tightness of the polls ahead of Sunday’s referendum, and the extreme market variations that would follow either result, is making it hard to justify taking any position, be it long or short. If forced it looks like investors are erring on the negative side, with the ugliness of either referendum outcome weighing on the markets.
With little of interest to sustain the markets this Friday, the FTSE began to slide as its oil and mining stocks reminded the UK index that for all the agonising over Greece there are still other issues in the financial to worry about. Even a strong construction PMI couldn’t help the UK index, and despite coming away from Tuesday’s lows the FTSE is still on track for its worst weekly fall in a month.
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