Spreadex Market Update
Market jitters creep in as Eurogroup lunchtime approaches
After edging into the green after the bell, the DAX and the CAC, alongside the rest of the region’s indices, predictably slipped into the red as the morning went on, with little to suggest today’s meetings will yield the progress that is so solely needed.
Worries over contagion remain at the edges of this saga, with the ECB stating its ELA decision was made due to fears of inspiring irresponsibility in other countries if Greece’s liquidity cap was raised, in an echo of the ‘leniency’ comments Sigmar Gabriel made on Monday. Speaking of Gabriel, the German vice chancellor and economy minister has continued his run of anti-Greek rhetoric, now rivalling Wolfgang Schauble in the misery guts stakes, by claiming that the decision to let Greece in the euro in the first place was ‘naïve’. Comments like this hardly suggest a compromise-ready, open-minded platform ahead of today’s meetings, merely reaffirming the reasons behind the current market negativity, even if Gabriel did float the idea of debt relief if Greece’s proposal (which reportedly is near identical to the most recently rejected plan) were sufficient.
The troublesome state of the commodity market (even if Brent Crude has recovered slightly from yesterday’s lows) combined with a mixed set of manufacturing and industrial production data left the FTSE will little reason to escape the morning’s flatness. The afternoon will bring with it the latest NIESR GDP estimate, something, however, that is likely to be swallowed up by the inevitable flurry of dispatches from Brussels.
Despite the bearish situation in the Eurozone, and a strong morning from the dollar, the US futures are looking perky ahead of a busy day for economic news. The US trade balance and JOLTS job openings figures will be of interest to those avidly following the Fed rate hike debate, whilst more than a few eyes will be on the latest attempt to secure an Iran nuclear deal, something of special interest to oil, which could have to brace itself for another influx into the markets if Iranian sanctions are lifted.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
