Spreadex Market Update
Potentially momentous Eurogroup meeting gets underway
French finance minister Michel Spain claimed that Greece needs debt relief as ‘oxygen’ for growth; Jeroen Djisselbloem, meanwhile, stated that October was the date for debt relief talks, whilst claiming he expects today’s meeting to be long, full of criticism, but ultimately successful.
Wolfgang Schauble was similarly optimistic of a deal being reached, but also insists that Germany can’t back a bailout if the IMF isn’t involved, something that could be problematic given that Germany and the IMF are seemingly at odds over what the latter’s debt relief requirements entail. Regardless, today’s meeting still marks an important step in the endgame of the Greek saga, even if the significance of this couldn’t inspire the DAX and the CAC out of the red this afternoon.
The Dow Jones managed to open with some tentative gains this Friday following a typically mixed afternoon for US data. The producer price index and industrial production numbers both came in better than expected, pointing to losses for the US indices; however, the second miss in a row for the monthly UoM consumer sentiment seemed to hold more sway, leaving the Dow with mild growth after the bell.
With its oil stocks widening their losses as the day went on, and increasing weakness in its mining division, the FTSE didn’t have much hope of ending its tumultuous week on a high. The UK index remains firmly at 2 week lows, and has little hope of escaping this slide unless either a) the commodities seriously improve (unlikely), or b) next Tuesday’s inflation figures shock everyone with how strong they are (also unlikely).
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