Spreadex Market Update
Greece fears infect European markets once more
With Wolfgang Schauble piping in to claim that Greece will suffer from impossible promises, the usual anti-Syriza rhetoric that has contributed to the fiscal stalemate that is finally reaching some kind of crescendo, there were worrying reports this morning that Greece made an ‘informal approach’ to the IMF with the intention of delaying its repayment instalments.
The IMF swiftly dismissed the idea, as expected; what is concerning is how quickly these ‘informal’ talks could turn into serious delays and missed payments as Greece rapidly runs out of money. Unsurprisingly news of this sort exacerbated rather than alleviated the losses felt in the Eurozone, with the DAX seeing a significant 3 digit decline.
The FTSE followed the example of its European cousins as the morning rumbled on, with the Eurozone uncertainty contributing to its own election fears and IMF woes, leading the UK index astray from its start of the week growth. Even the continued successes in the oil and mining sectors, prompted by vigorous gains for Brent Crude and copper, couldn’t overcome the negative trading environment that has been created on this data-quiet Thursday morning.
The US futures looked meek this morning as they succumbed to the negative tone created by the current European affairs. However, with earnings season largely seeing better-than-expected results so far, the US markets could escape the dark clouds hanging over the Western markets with a strong selection of data this afternoon. Building permits and housing starts could join yesterday’s impressive NAHB housing market index figure, whilst extra attention will be paid to unemployment claims and the Philly Fed manufacturing index.
Netflix soared last night, with a near 11% rise to $530.90 after robust expansion in terms of both its domestic and international subscribers impressed investors, as the company beat its own forecasts by nearly 1 million new subscriptions. This more than made up for a rather big miss in earnings per share, which came in at $0.38 compared to the $0.69 expected, with Netflix blaming foreign exchange losses for the slip.
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