Spreadex Market Update
Lack of progress breeds further negativity as FTSE and DAX circle fresh lows
Signs of progress are few and far between, leaving the markets to continue the negative performance that has been a regular feature of trading in the past month. Each side is firmly entrenched in their belief that their proposal is the only feasible option; not the kind of atmosphere that is going to yield a solution, especially with the Eurogroup meeting only days away. The DAX is around 20 points away from Tuesday’s lows, i.e. the index’s worse price in 4 months; ZEW economic sentiment figures could cause a change in tone later in the morning, but the Greek situation is likely to have weighed on those too.
The FTSE has already touched a 5 month low this Tuesday, however briefly; yet the arrival of tangible news in the form of the UK’s latest inflation figures later in the morning could provide some respite for the continually Eurozone-led index. After deflation fears last month things are expected to have a positive upswing later today, with analysts expecting 0.1% against that -0.1% number seen in the middle of May. Inflation has been falling or stagnant fairly consistently since last July, exacerbated by oil and food price falls, but this foray into negative territory could be the low point before a gradual rally.
Foxtons’ turbulent month has continued this morning, with further signs of a class action suit against the company over its hidden fees and over charging for repairs pushing the stock down by a further 3.2%, just as the company had begun to recover some of the losses it incurred when the story first broke last week. The property company had already seen its post-uSwitch purchase gains wiped out when it came to light that the price-comparison site had been asked to provide information to Ofgem for a potential breach of competition law.
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