Spreadex Market Update
IMF has 'major differences' with Greece
Investors are clearly willing to embrace the more positive side of the Greek negotiations, for now. On the, limited, Greece-news front, President of the European Council Donald Tusk has pushed for the Greek ‘gambling’ to stop, whilst Tsipras and Juncker had a make-up meeting this afternoon that appeared to, unsurprisingly, yield little of note. More importantly, the IMF tried to sour the positive mood by claiming it has ‘major differences’ to resolve with Greece, taking the edge of some of the more robust gains felt in the region as the institution's negotiating team left Brussels.
The Athens stock exchange really benefited from the new sentiment on the markets, surging by around 8% despite the lack of actual, tangible good news. Of course, sentiment can be an ephemeral, tricky thing to justify, but currently, despite a few wobbles, faith that a deal will get done is making its presence felt on the markets.
Strong, but as expected, retail sales data and a near-flat jobless claims figure meant the dollar maintained its gains at the same pace, allowing the Dow Jones to slightly widen its growth in line with the goings on over in the Eurozone. The steadiness of this afternoon’s data gives the hawks in the Fed more ammo to push for a rate hike in September; however, it may take another solid non-farm figure at the start of next month to really solidify the chances of that happening.
Like the rest of the markets the FTSE maintained its performance throughout the day even if the previously bullish mining stocks were weighed down by the extent of the losses suffered by copper. It is hard to talk about the FTSE at the moment; it is so in thrall to the Eurozone that its market movements have been almost exactly in line with the region, if to less extremes, for most of June. With little in the way of news tomorrow, it is hard to see this trend changing.
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