Spreadex Market Update
FTSE pushing higher
Banks - many of which are holding a large amount of European debt on their books – are amongst the biggest risers this morning with Barclays setting the pace at the top of the pile. Mining companies are also performing well in the face of a fall in metals prices with gold back under the $1700 mark at the time of writing.
It would appear on the face of it that so far Mario Draghi’s plan to support the Euro is working with the currency trading higher against most others and yields on Spanish and Italian 10 year paper falling for a second day with Spain’s yields under 6% for the first time in 4 months.
The OMT is a long term plan to hold the Eurozone together however, and the results will be best judged over years, not months.
If it can facilitate a move towards balanced budgets and at the same time draw a line in the sand on in terms of the recession and sometime next year see the Eurozone to growth then it is a policy that is definitely worth pursuing.
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