Spreadex Market Update
Dreary start to Monday morning as Greek saga makes unwelcome reappearance
That, unfortunately, leaves the markets free to speculate over the impending US rate hike, with 70% of analysts now expecting the unwanted Christmas present of a December lift-off. Luckily for the FTSE its usual problem, namely its persistently grim mining sector, looked a bit brighter this morning. This allowed the UK index to post a mild, if still European indices-best, 25 points jump after the bell.
After hitting 11000 and 5000 for the first time since mid-August respectively, the DAX and CAC have fallen away from these landmarks levels by around 30 to 40 points each. Beyond the general US rate hike malaise, the Eurozone has had an unwelcome reminder of its own lingering issues this morning, with a flare-up in the long-dormant Greek saga.
The country’s next €2 billion tranche, which should be signed off at today’s Eurogroup meeting, is currently being withheld by Greece’s creditors, who are dissatisfied with the way the region’s hot potato has (or hasn’t) implemented the required reforms. Specifically, Greece’s sluggish progress over new foreclosure laws for people deep in mortgage payment arrears, and a general disaccord over the severity of the rules has provided a fresh aid-blockade, with Greece now given 48 hours to bridge the (reportedly large) gap between the two sides. And whilst the reappearance of this issue hasn’t created a return to the prime-July Greek-volatility, it has still left the DAX and the CAC down around 15 points each.
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