Spreadex Market Update
Markets maintain growth ahead of busy US afternoon
A mixture of a limp euro-dollar and sustained positivity surrounding Greece meant the Eurozone held onto its gains and then some, pushing the DAX above last week’s close and leaving a fair distance between today’s price and Tuesday’s lows. This despite a refusal by Tsipras and Varoufakis to accept a 1% primary budget surplus, and the news that any potential deal for Greece would bring with it a Syriza-government displeasing increase in taxes. The Bundesbank chief Jens Weidmann also warned that every day without a deal leaves Greece with a higher chance of insolvency. Yet none of this could dissuade investors from the view that Tuesday’s lows left the Eurozone oversold, and helped carry the region’s indices away from the more tumultuous trading seen earlier in the week.
Maintaining its recent trend, the FTSE followed the Eurozone in its upwards direction, with the UK index also receiving a nice little boost from the mining sector, despite a 2% drop in the price of copper following the latest Chinese industrial data.
Whilst Europe remains firmly focused on Greece, the US markets will once again return their eyes to the rate hike debate. Retail sales, in a hawk-helping move, are expected to see a big gain, whilst jobless claims should come in flat. Currently the Dow Jones futures are only seeing mild growth, at least comparative to Europe, due to the strength of the dollar; this limited advance could be eroded if this afternoon’s data comes in as robust as expected and helps the greenback gain more ground.
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