Spreadex Market Update
Déjà vu dominates as Greece/creditor discord continues to draw focus
There were eerily familiar scenes this Monday morning, with a Eurogroup-meeting bound Michel Sapin affirming he hopes a Greek deal can be reached today, whilst reports leak out that other Eurozone officials are adamant the indebted nation won’t be receiving its €2 billion tranche on time. And whilst investors collectively check their calendars to make sure they aren’t stuck back into the dogdays of the Greek crisis that dominated the first half of the year, the Eurozone indices continued to be mildly perturbed by the whole issue, with the DAX and CAC both falling by around 20 points each.
Whilst the Eurozone dealt with its unpleasant case of déjà vu, the FTSE continued to benefit from its commodity sector rebound. Somewhat frustratingly for the UK index, however, those benefits were rather mild; despite huge growth for the likes of Tullow Oil, Premier Oil and Lonmin, as well as impressive performances from sector big hitters like BP, Rio Tinto and Anglo American, the FTSE could only managed a 10 point increase. It is likely that the Greek stink wafting over from the continent, alongside a general sense of dread in regards to the increasingly likely December US rate-hike, are supressing the kind of positive trading such a commodity performance would normally yield for the UK index.
Speaking of the impending US rate hike, the Dow futures are currently looking at a 50 point drop at the open, still suffering in the aftermath of last Friday’s knock-out non-farm report. And with only the US labor market conditions to come it is unlikely the US markets will see a change in sentiment this afternoon.
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