Spreadex Market Update
Day 3 of Greek crunch week sees creditors ready to deliver latest proposal packet
Whilst there appears to be the semblance of agreement between the IMF, the ECB and the European Commission, the fact that Greece itself has delivered its own proposal in the other direction suggests that, despite the growing urgency and intended (short term) finality of the creditors’ offer, co-operation (and more importantly compromise) between the two sides of the debt divide may be sparse on the ground once more.
Mercifully, the busy start to June in regards to data continues this Wednesday, with the Eurozone seeing a flurry of services PMIs alongside the latest retail sales figures and unemployment rate for the region. More important is today’s ECB monetary policy meeting, where Mario Draghi will be stuck in the frustrating position of discussing Greece when all he wants to do is celebrate the legitimate successes of his QE programme. After the heavy losses felt yesterday for much of the region, inspired by the euro-dollar surge, the Eurozone indices were fairly flat as mixed services data begun to drip in.
The FTSE fell in line with the DAX yesterday afternoon, suffering losses largely in the wake of the ongoing Greek uncertainty. This morning’s bearishness, however, appears to be based on a different, if no less familiar phenomenon: falling commodities. With Brent Crude and copper both slipping following solid, and therefore stimulus dissuading, figures from China, the FTSE’s own mining and oil stocks began to weight on their mother index. However, with the UK index currently on the reddish side if flat, a strong showing from its own services PMI could inspire some gains later in the morning.
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