Spreadex Market Update
Euro-groan as Greek talks yield nothing
Despite rumours that Ukraine separatists are refusing to sign a deal in Minsk and that Ukrainian President Poroshenko has deemed Russia’s conditions ‘unacceptable’, analysts are still tentatively hopeful an agreement can be reached; and with the IMF’s Lagarde announcing a new 4-year, $17.5 billion economic deal for Ukraine, the markets were buoyed by the progress in the area. However, after 7 hours of meetings Jeroen Dijssesbloem admitted that no agreement had been made between Greece and the rest of the Eurozone, in an unsurprising move of political and economic impotence.
Yet reports have come out that a statement was actually agreed, with mentions made of the rumoured ‘bridge’ and an extension of the present programme, only for Athens to reject this at the last minute due to the lack of compromise from either side. This move is sure to have further angered a Eurozone establishment that is already sick of Syriza’s perceived misbehaviour, as a deal looks no more likely to be reached by the self-imposed deadline on Monday. With today seeing Alexis Tsipras’ first EU economic summit, it will likely be another day high on rhetoric and low on progress in this all-consuming Greek-debt-saga.
The FTSE, oil’s current plaything, opened in the green as it followed its favourite commodity in making gains. After closing at around $56 per barrel, Brent Crude’s return to $57 meant that the FTSE could focus on areas that weren’t its volatile oil-sector, despite Afren’s latest plunge. The Bank of England’s Governor Carney speaks later today about the bank’s inflation report, and with this a hot issue in terms of the UK’s economic recovery, his word’s will be scrutinised carefully, especially for any hints towards the institution’s position on a potential interest rate hike.
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