Spreadex Market Update
Greek parliament approves third bailout, focus turn to Eurogroup
The vote lasted all night, fuelled by further dissent in Syriza that included former finance minister Yanis Varoufakis stating that he couldn’t back the bailout. Yet regardless of the ramifications this vote could have for Tsipras within his own party, it paves the way for the Eurogroup to sign off on the deal at some point today. That is, it will if Germany don’t try and block the deal from going through, with Merkel, Schauble and co. still apparently preferring a bridging loan in order to further discuss the conditions of the bailout and, ideally, get the IMF involved.
Beyond the bailout and the news wasn’t too good for the Eurozone’s growth; both German and French GDP figures missed estimates and could mean the region-wide figure later this morning will struggle to match expectations. The Eurozone will also see its final inflation figures for July, with the normal CPI expected to be 0.2% whilst the core CPI forecast at 1%. So far this Friday the Greek positivity has overridden the GDP misses, leaving the DAX and CAC with some sturdy gains after the bell.
The FTSE appeared to miss its alarm this morning, barely waking up in time to start Friday’s trading flat. How long it can hold off losses, however, is another question. The decision by the People’s Bank of China to raise the value of the yuan against the dollar by 0.05% meant the commodity losses of the last few days could be avoided; however with the majority of its oil and mining stocks flat to reddish, and with only construction output to come, the UK index may struggle to do much of anything as the day goes on.
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