Spreadex Market Update
Tentative markets with little change on the global front
The day didn’t get off to a great start, as Chinese inflation slipped to a five-year low; however, the Eurozone is still very much focused on its own problems, with it already having half an eye on tomorrow. Tonight sees Syriza search for a vote of confidence from their own government before the main event on Wednesday, the hastily put together Eurozone finance meeting. George Osborne has joined the yesterday’s naysayers by reiterating the dangers of this Greek-Eurozone standoff, whilst Merkel reaffirmed her view that Greek still hasn’t put forth a sustainable economic plan. With yet more echoes of last week’s uncompromising sentiment it is unsurprisingly that the markets are reflecting this uncertainty by having a very flighty time after the bell.
The FTSE was embroiled in the same issues as the rest of Europe yesterday, leading to a limp finish for the UK index; with manufacturing production to be announced later this morning, it will at least be able to focus on its own issues, however briefly. Yet with key stocks like Royal Mail, RandGold Resources and Vedanta all in the red, good news is looking thin on the ground for the FTSE.
Brent Crude lost around a dollar by last night; however, the longer it can maintain around $57 per barrel, or at the very least above $50, the better the commodity’s future looks. Oil is approaching its second week of growth, however slight, and this display of relative stability is a refreshing change from its most recent behavioural trends. In terms of metals things are looking lifeless, as copper had yet another flat day as it failed to break out of its $256-258 per pound boundary whilst gold made marginal gains yet still has a lot of ground to make up after last week’s decline.
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