Spreadex Market Update
Markets prepare for US non-farms, Eurozone sets Greek summit for next Wednedsay
The UK’s trade balance deficit grew to £10.2 billion, the widest since 2010, leading to a plea from British exporters who claim not enough is being done to rectify the economic imbalance that has become skewed towards consumer spending. Stock wise, the rapid gains made by Poundland this morning are being negated by the heavy losses incurred by sugar-giant Tate & Lyle following its latest profit warning this morning.
This mixed UK landscape prolonged the FTSE’s slump as the morning went on, despite Brent Crude rebounding back up to $58 per barrel. Investors aren’t giving oil as much joyous attention when compared to the start of the week, so the commodity’s strong performance is failing to rejuvenate a dismal Friday morning.
Progress has been made in the Eurozone, however slight, as the finance ministers in the region have arranged a special meeting next Wednesday to discuss the Greek situation. Germany wants Syriza to present a clear strategy for dealing with the debt issue; what this effectively means is don’t present us with the same debt-swap deal proposed earlier, but do present us with something akin to you agreeing to abandon your anti-austerity, anti-bailout electoral promises. As Greek banks haemorrhage points left right and centre in fear of the looming deadlines, Tspiras, Varoufakis and co may soon be forced into a Eurozone establishment-imposed corner.
Gold seems to have returned to familiar trappings of around $1265 per ounce, after testing the waters between $1280 and $1300 and finding that investors didn’t have the appetite for sustaining these prices. The mixture of a strong dollar and a regularly rebounding euro means the metal has struggled to hold onto any growth it has seen of late.
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