Spreadex Market Update
More mixed messages arise out of the Eurozone
German finance ministry spokesman Martin Jaeger claimed that his country is working to keep Greece in the euro, and stated that the idea circulating that the IMF had completely halted talks last night was false, but merely that the Washington-based institution was sending a warning to Greece, in a familiar turn of phrase, to intensify talks. These comments were echoed by Jean-Claude Juncker, and were enough to ease investors’ fears for now, leaving the region’s indices fairly flat even as confusion continues to pour out of the Eurozone about when and if members of the Brussels Group will arrive in Athens tonight to resume negotiations. The Greeks seem keen to play up their role as victim in this saga, which is contributing to the lack of clarity around what is actually going on.
The FTSE was looking slightly limper this morning, with disappointing construction output data and a disappointing performance from stocks like Shell and BP preventing the UK index from reversing the sleepy losses it has encountered as Friday rumbled on. The pound, on the other hand, managed to hit a 10 day high against the euro following comments from Angela Merkel that highlighted the difficulties the strong currency is causing for Ireland and Spain’s respective reforms.
With the dollar looking solid against a basket of currencies the US futures were fairly flat going into an important afternoon of data for the country. PPI figures are expected to show a big improvement on last month’s numbers, whilst the weak UoM consumer sentiment from last month has already been revised up ahead of the latest figure later today. If this set of data can match analysts’ expectations, then the last 5 days will have been the first generally positive week for US data in a long time, something that adds credence to those in the Fed arguing for an early interest rate hike.
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