Spreadex Market Update
Useless Eurogroup meeting sets negative tone for the markets
Rather astonishingly, reports circulated that Greece didn’t actually bring a new proposal to the Eurogroup meeting this afternoon; other rumours suggested the country merely submitted the previously rejected plan from last week. Either way, no proposal or same proposal, the situation remains dire; Greece really isn’t helping to endear itself to an already soured collection of creditors and finance ministers. Apparently fresh finance minister Tsakalotos gave a ‘good presentation’ in the meeting, but the lack of a concrete proposal can only have ramped up the chances of a Grexit. The markets certainly thought so, with the DAX and CAC a long way from the mild positivity they displayed at the day’s open.
It was a bleak after for metals; the situation in China has been a constant drag on copper (and oil) in the past few days, whilst the strength of the dollar is playing havoc with gold, and by association silver. Of course, the knock-on effect this had on the FTSE’s oil and mining stocks meant the UK index stood very little chance of climbing into the green this Tuesday, especially with the increasingly negative dispatches from Brussels. The FTSE may have its own moment in the spotlight tomorrow, with George Osborne’s Summer Budget; however, with little sign of progress in Brussels, the release is going to have tough competition from the ever-present Greek smog on Wednesday afternoon.
With the dollar on a tear against euro and pound, spurred on by a marginally better JOLTS job openings figure, the US markets struggled to escape the same red vibes that were choking the European indices. Tonight should bring with it a touch more volatility as well, as the latest attempts to sign an Iranian nuclear deal play out against an already unstable economic backdrop.
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