Spreadex Market Update
Sunday set as deadliest deadline, Eurozone scrambles to avoid Grexit
The Sunday summit, including all 28 European Union countries in a fairly ominous sign, is being touted as the genuine endgame by the creditors, Donald Tusk especially. Of course if a deal is found things will rumble on a bit longer, but if not the sense is that the final measures will be taken to rid the Eurozone of its Greek headache. In the build-up to another weekend of Greek frolics, Alexis Tsipras will address the European Parliament, assumedly to try and get them on side. More important will be the Eurogroup conference call later this morning, intended to discuss Greece’s request for a €500 billion ESM bailout; or rather, it will be if Greece actually produces its proposal, something it rather astonishingly failed to do yesterday.
The real issue for Greece at the moment is its banks. Without a deal the ECB will cease its liquidity aid to the institutions, something that is barely patching over the cracks as it is, and for real, physical Greek people (all too often forgotten in this saga) the spectre of further capital controls, or worse, looms large over the country. In reaction to all this madness the Eurozone indices opened marginally in the green; however given how poorly the region has been able to hold onto any gains in the last few days, it is unsurprising that this growth has already begun to disappear.
With another day of Greek speculation on the cards, the FTSE could have a rare moment in the spotlight this afternoon as George Osborne reveals his Summer Budget. The revelation of the latest content of the Big Red Box will have stiff competition, however; yet another calamitous fall in the Chinese stock market is continuing to lay waste to the commodity sector, with gold, silver, copper and Brent Crude all in line for another day of hefty losses. The drag this causes on the FTSE’s commodity stocks is obvious, so the UK index will be up against it if it wants to climb to some gains this Wednesday.
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.
