Spreadex Market Update
Chinese data weighs on FTSE’s commodity stocks; Greece claims deal could arrive by tomorrow
The country saw its biggest exports fall for 4 months, with lower than excepted import figures joining the fray; a miss in the producer price index followed, with only marginally better inflation data (based on the rising price of pork) to help ease matters. However, perhaps due to the hopes of increased stimulus these figures have provoked, both the Shanghai Composite Index and the commodities themselves are looking firmer than they did last week, even if both more than have the capacity dip into the red at the drop of a hat.
Whilst the metals might be faring better than expected, the sector still remains weak, and with Brent Crude struggling to climb higher than $49 per barrel the FTSE’s commodity stocks have continued to weigh on the UK index. The UK has effectively nothing to offer the world of economic data this Monday, meaning the FTSE’s health is likely to be dictated by the movements in the commodity world, movements that currently don’t look like they will go in its favour.
There was a whiff of good news from Greece this morning. The country is claiming that negotiations could successfully end as early as Monday night or Tuesday morning, leaving the Greek saga firmly on track for a somewhat happy ending. It appears that Greece and its creditors have skirted around the potential IMF issues of the last 3 weeks in a relatively calm (and eerily quiet) manner, reportedly due to (more) major concessions from Alexis Tsipras. Not that this would see the Eurozone’s former trademark volatility disappear into the distance; a deal would pave the way for fresh autumn elections, as Tsipras moves to consolidate his position after the recent flair-ups of rebellion within his own party. Regardless, investors appear tentatively pleased, pushing the DAX and the CAC to mild gains at the open.
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