Spreadex Market Update
Rumours of possible Greek deal helps markets
After Monday’s dour trading, the Eurozone indices received a breath of life largely due to signs suggesting progress with a Greek/Eurozone deal. Apparent concessions made on the Greek side of the equations (seemingly the only side expected to compromise) has helped wash away the bearish trading that defined yesterday and this morning, with a potential call between Alexis Tspiras and Jean-Claude Juncker the latest news to spur on rumours of an emerging deal that would at least delay a more critical showdown between Athens and the rest of Europe.
However, there are alternative claims that Brussels are furious with these ‘misleading’ leaks, and that the constant stream of rumours are harming Greece’s chance of a deal. The jittery behaviour of the markets, which have a distinctly over-caffeinated tone, is largely due to these unconfirmed Eurozone reports taking centre stage due to the lack of significant economic data at the start of this week.
Over in the USA, the JOLTS job openings came in as predicted at 5.03 million, whilst Coca-Cola beat analyst expectations and managed to withstand the effects of the stronger dollar by increasing its US sales. This news, alongside Apple hitting its all-time high price and a calmer afternoon from the Eurozone, helped the US markets to a green open.
As the day strong showings from Morrisons, Marks & Spencer and Hikma Pharmaceuticals and the easing of fears on the Eurozone markets marginally edged the FTSE into the green. However, the UK index has to deal with a downward revision in last month’s NIESR GDP estimate, struggles in its metal-related stocks, and a bad day for Royal Mail, meaning the index has spent the day teetering between losses and gains.
Brent Crude pushed up to $58 per barrel only to slip back to the upper echelons of $57; however, oil is still exhibiting some semblance of stability, and has done for the past couple of weeks. It is a far cry from the lows it saw in mid-January, and can only bolster the view that its bottom may have been reached.
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