Spreadex Market Update
Tsipras aims for Merkel/Hollande meeting on periphery of latest EU summit
Supposedly a meeting between European leaders and their Latin American and Caribbean counterparts, much of the focus for Western investors will be what happens on the periphery, as Tsipras tries to cement a meeting with the French/German pairing. One person probably won’t be present is Jean-Claude Juncker, with the European Commission President reportedly stating on Tuesday that to deal with Greece is a waste of time. Following his G7 grumblings at the weekend, Juncker apparently remains furious with Greece; it looks like Tsipras has lost his most valuable ally at a time when he is very low on that commodity.
Without Juncker there to broker some kind of compromise any meeting between Tsipras, Merkel and Hollande is doubtful to yield any progress. Both sides are operating on the firmly entrenched opinion that their own proposal is the most reasonable, and following the reported slap in the face of yesterday’s Greek proposal, this is unlikely to change. It would almost make more sense for each side to start discussing an amicable divorce rather than a hastily applied solution to keep Greece in the euro. Of course, all of this remains a weight on the markets, as the DAX sits at 4 month lows with weak French industrial production data and a stronger euro exacerbating matters.
The FTSE slumped to fresh 3 month lows last night; however, a tentatively positive to flat open comes ahead of a flurry of UK data that could help lift the index away from the car crash on the continent. Or maybe it won’t; forecasts for both manufacturing and industrial production show a slip from last month’s figure so the FTSE may struggle to rally off the back of this data unless they have some surprises in store.
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