Spreadex Market Update
ECB shocks Greece, oil continues to disappoint
This news suggests the Varoufakis/Draghi meeting wasn’t as ‘fruitful’ as the Syriza finance minister hoped. Instead of being allied with Syriza Draghi has put a vice on Greece to squeeze it into submission. A sentiment is now arising from the Eurozone that it is getting sick of Syriza’s fun and games, and wants the party to get in line; its seems not everyone is susceptible to Varoufakis’ charms.
This injection of instability into the already volatile Greek-debt-saga made itself felt on the Eurozone markets this morning and has caused dissatisfied Greeks to arrange a rally tonight to protest EU ‘blakmail’. This ECB move has split the European community, and created even clearer battle lines over the issue of Greece’s increasingly dire debt situation. With Varoufakis on his way to meet Wolfgang Schauble, he faces the looming obstacle of a German government that is less than willing to cooperate with this new Greek regime; if Varoufakis couldn’t woo Draghi, then getting a volte-face from Schauble will be like drawing blood from a stone. A clearer picture may arise from the ECB economic bulletin later this morning, alongside the chance for more fireworks with the EU economic forecasts.
After investors clamoured to bask in oil’s new found glow, the commodity soured yesterday dragging the FTSE and the US markets with it. As Brent Crude now slips all the way back to $53 per barrel and copper retraces its steps, the FTSE continues to shed the rapid gains it had begun to make at the start of the week, despite a better than expected Halifax HPI. As BT grows on the back of its EE-acquisition confirmation, the flailing nature of the FTSE’s energy sector is negating any good news from elsewhere. With the Bank of England (predictably) likely to keep interest rates the same later today, there is little from the UK today that can drag the FTSE out of its slump.
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