Spreadex Market Update
US open infected by Eurozone-mess
So far this Monday the G20 meetings have yielded little in the way of real news, especially in regards to changing opinions surrounding the Greek debt issue. Varoufakis reassured that a deal could be made, and that Syriza were standing up and saying ‘No!’ to the demands of the Troika, whilst Schauble reaffirmed that ‘we’ve never forced anyone into a programme’; so far more of the same Greek-Euro prattle. The downside of this posturing is that the markets remain flustered by the uncertainty surrounding the issue, with the bearish sentiment from Europe crossing the Atlantic to infect the US open.
With Angela Merkel arriving at the White House to discuss the Ukraine/Russia situation, Europe’s other major crisis, Greece is also likely to come up. However, Merkel is expected to try and convince Obama not to provide Ukraine with some form of military aid, leaving the two opposed on a solution, whilst if the Eurozone is stumped, what can the US do to untangle the Greek-mess? Like the G20, it appears that little will arise from this meeting to soothe the markets’ current fears.
After last week’s non-farm should have lit a fire under the US markets, the positivity surrounding this jobs data has been negated by issues in Europe and a less enthusiastic response from the Federal Reserve than hoped. With the Fed’s lone Republican, Jerome Powell, set to give a statement tonight, it will be interesting whether there is any progress, or even some hawkish news, to help buoy the US markets.
Whilst slightly down on the day, Brent Crude has still maintained the levels it reached last Friday, and is once more above $58 per barrel. This left much of the FTSE’s energy sector in the green by the afternoon; however, the situation in Europe meant that even the normally effective boost of a strong oil performance failed to ignite the UK index as it limped towards the end of the day.
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