Spreadex Market Update
Groggy morning for the FTSE after long weekend, Eurozone continues Greek nightmare
The FTSE isn’t being helped by its mining sector, which is in somewhat of a slump this morning after the Australian central bank squashed interest rates to their lowest ever level in order to combat the country’s post-mining boom headache. This news saw losses for Anglo American and BHP Billiton, as well as others in the sector, all of which contributed to the groggy feeling surrounding the FTSE this morning. There will be little to distract investors from the impending, and ever uncertain, vote this Thursday, with only UK construction data to come later today.
Better than expected Spanish employment figures couldn’t help elevate the Eurozone this morning as the Greek issue remains firmly in focus. After Monday’s manufacturing data helped the region recover some of the precipitous losses from the previous week, Tuesday morning has been dominated by news of the latest Greek debt meetings and the negative trading that inevitable follows.
Former golden boy Yanis Varoufakis has been relegated to meeting with France’s Michel Sapin, whilst the newly annointed negotiation leader Tsakalotos meets Mario Draghi alongside the Greek deputy Prime Minister Dragasakis later this afternoon. The latest self-imposed deadline appears to be May 11th, the date of the next Eurogroup meeting; however, there remains a deadlock over pensions and labour reforms, seemingly the main areas of discord between two sides of this Greek debt debate. News that the IMF feels Greek debt is once again reaching unsustainable levels might be the final warning the Greeks need to acquiesce; yet the country has stared down this kind of alarming news before, so as ever there is no guarantee of a solution being reached.
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