Spreadex Market Update
All eyes on Greece (obviously) as Eurozone awaits fleshed-out proposal
The deadline for its latest fully fleshed out plan is midnight according to some (Germany) and 8.30 Friday morning according to others (Juncker). Either way, the pressure is on Greece to provide an actual, tangible proposal that satisfies the Eurozone whilst not betraying the result of last weekend’s referendum; a tough task, and something sure to cause more than a few jitters as the day continues.
Not that the pressure is only flowing in one direction; Jack Lews of the US treasury, backed by Christine Lagarde of the IMF, reaffirmed the need for Greek debt relief last night, calls that no doubt caused displeasure for certain factions of the creditor cabal (Germany again) whilst bolstering Tsipras’ long-held belief. In anticipation of a proposal the Eurozone indices have found a bit of hope once again this morning; yet these early gains have struggled to last for a full day of trading for most of this week, and with another interminable day of dispatches to look forward to, it is probably right to heed the (rather understated) words of Mario Draghi: ‘this time it’s really difficult’.
With a better than expected Chinese GDP figure, and further measures by the country’s government to provide a tourniquet for the haemorrhaging Chinese stock market, the commodities could continue their mild recovery after their hefty losses at the start of the week. This was obviously good news for the FTSE, which matched the Eurozone’s gains to jump away from the lows it was circling by closing time on Wednesday. After the busy Budget afternoon yesterday, the FTSE looks like it will have a fairly quiet Thursday, with the commodity sector and, as ever, Greece likely to be the dictating factors for the UK index’s performance.
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