Spreadex Market Update
Markets languish on stagnant Wednesday morning
Compared to yesterday’s deluge of rumours coming out of the Eurozone, today has been sparse on the ground; it appears that Greece have taken the EU’s reported anger at the info-leaks to heart ahead of the big Eurogroup meeting. OECD secretary general Angel Gurria arrived in Athens to discuss potential reforms engineered towards Greek growth with the former Mexican finance minister slowly emerging as one of Syriza’s key allies in the pursuit of their debt-negotiation agenda. There were also murmurs from Russia that it would be open to providing Greece with economic aid in comments that further yesterday’s reports that Syriza could potentially look elsewhere for funding. Yet with no substantial news doubts continued to creep into the markets, pushing the Eurozone indices lower.
The ongoing issues around the Eurozone, including increasing violence in Ukraine ahead of peace-talks later today, meant that the pound reached 7 year highs against the euro earlier in the morning. However, this couldn’t help the FTSE out of its dismal performance, continuing its slide as Brent Crude receded back to $55 per barrel. The impact of this, and Tullow Oil’s earnings release, dragged the notoriously sensitive energy sector into the mud leaving the FTSE to flounder once more. There is also the ever-increasing HSBC tax-scandal that has seen the bank suffer its 3 consecutive day of losses as the HMRC is accused of negligence, and the Conservatives and Labour battle to score political points off of the issue.
The US markets managed to sneak to a green close last night as light broke through the clouds over the Eurozone; however, with another day light on data, issues in Europe are once again dominating the news and dragging the Dow futures down. With PespiCo looking to emulate yesterday’s Coca-Cola release and Whole Foods Markets seeking to continue its end of 2014 bounce-back, the US markets will be reliant on their key stocks for good news as this dour day continues.
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