Spreadex Market Update
IMF warning continues to weigh on markets
Thursday had been on track for an astonishing level of growth that would have effectively rendered the losses at the start of the week moot. Instead, news that the IMF remains displeased with the negotiating tactics of Greece, leading them to leave Brussels with seemingly little progress on a deal, wiped out around half of Thursday’s gains in a few minutes, leaving the Eurozone in the green, but looking pretty battered with it.
Coming off the back of a day and a half where investors appeared willing to follow the mildly positive chatter surrounding Greece, the IMF news was an unwelcome surprise, and even more importantly, a rather sharp reality check. With the next Eurogroup meeting on June 18th there is still time for reconciliation; however, the constant rebuilding of fraught relationships eats into time that should be spent on the nitty gritty of an actual deal, a fact that led the Eurozone indices lower this morning.
The FTSE was once again a peripheral victim of the Greek saga. Like a love-sick puppy the UK index has followed the lead of the Eurozone all week, meaning that whilst it spent most of Thursday basking in the glow of the region’s hopeful demeanour, the sharp shock of a dour IMF sentiment left the FTSE looking slightly less triumphant this Friday morning. However after slipping to losses last night, the UK’s mining sector has seen a slight return to health this morning, with Vedanta Resources once again posting notable gains after its progress had slowed last night. Investors have really gotten on board with the Indian subsidiary merger murmurs surrounding Vedanta, and the stock is now at its highest price since the end of May.
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