Spreadex Market Update
DAX maintains post-Eurogroup meeting gains whilst FTSE receives helping hand from easyJet and TUI
With the DAX and CAC now up 1.1% and 1.4% respectively the Eurozone continued Monday’s rebound, boosted by the positive chatter that has greeted the headway made in the most recent Eurogroup catch-up. Analysts from Teneo Intelligence and UBS, as well as the French finance ministry, have all expressed optimism over the likelihood of a Greek calamity being avoided, the most notable change being the previously intransigent Germany reportedly stating it is willingness to consider debt relief.
Rising nearly 1% to just about keep up with the Eurozone’s pace the FTSE not only benefited from the renewed hope on the continent but a strong showing from its key travel stocks. easyJet jumped 2% as it boosted its shareholder dividend from 40% to 50% of annual earnings and revealed a 0.3% increase in half year sales to £1.77 billion, news that compensated for the £24 million in losses posted for the period. This update also lifted easyJet’s rival TUI, which reports tomorrow, the First Choice and Thomson owner leaping nearly 3% higher.
Looking to the US open and the Dow Jones appears to be benefiting from the cheery scenes in Europe, the futures pointing to a 110 point-plus surge after the bell. In terms of data once again there is little for the US index to work with, bar an expected rise in JOLTS job openings.
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