Spreadex Market Update
DAX and FTSE undergo significant retracements this Tuesday afternoon
After hitting fresh 4 month lows this morning, the Eurozone, and the DAX especially, has performed one of its semi-regular Houdini escapes this afternoon, with the German index looking set to end up just about flat on the day. The usual comments have been flung out in the ether, with Tsipras defiant yet still seeking a deal, and Merkel reporting little progress but reiterating her want to keep Greece in the euro; pluck any day in the past 2 weeks and change around some of the comments, no-one would notice. The abstract concept of a Greek deal remains perfectly achievable yet painfully difficult at the same time; it appears all that is required is a shift of millimetres, not miles, to unlock a fresh batch of Greek funds. Yet those millimetres are increasingly feeling insurmountable.
Part of the reason for the change in tone this afternoon has been a positive US open, inspired by another batch of mixed data that allowed both the Dow and the dollar to post gains. Wednesday is going to be a big day for the US markets, with the Fed ready to announce its latest projections; despite a strong data performance last week things have looked decidedly more mixed since Monday, so it will be interesting to see what way Yellen is leaning in regards the rate hike debate.
Whilst it isn’t in the green, the FTSE has over halved its losses on the day following the lunch-time rally. Though today’s inflation data appeared to have very little effect on the FTSE, tomorrow presents another opportunity for the index to (temporarily) de-couple itself from the Eurozone as the UK releases a flurry of jobs data. Steady declines in unemployment and some much needed signs of wage growth last month are expected to continue when the latest figures are released on Wednesday, so the FTSE has a brief window to forge its own path in the middle of the week.
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