Spreadex Market Update
Tuesday’s data leads the markets out of Greek mire
After the UK saw its lowest CPI since records began with its January figure, the FTSE spiked near an all-time high, and has continued a strong performance as the day went on. This figure looks more palatable when one removes the duel volatilities of cheap oil and supermarket-dictated cheaper food prices, increasing from 0.3% to 1.4%. Investors decided to take the positive view that a consumer-friendly environment is good for UK growth, despite the fact that the country is becoming increasingly dependent on consumer spending to cover deficiencies elsewhere. On top of this comes the continued success of Brent Crude in holding onto its current $61 per barrel level; in fact, the commodity is now pushing on once more to $62, allowing Premier Oil to build on its recent gains.
Over in the economic nightmare some call the Eurozone, things are looking ever so slightly brighter, as Germany’s ZEW Economic Sentiment hit a 12 month high, whilst the overall figure for the region also beat expectations, allowing the Eurozone indices some breathing room to grow. This was largely due to the benefits of ECB QE, an event that largely appears to have been forgotten in the constant Greek hubbub that has dominated the discourse for the past few weeks.
In regards to the Greek debt issue, the country has maintained this morning that a deal is feasible, whilst reiterating it will not be bullied into submission. In a less caveat filled comment, France’s financial minister Michel Sapin, one of the more positive voices surrounding this saga, stated that there is ‘consensus’ on some issues between Greece and the rest of the Eurozone.
Finally, the US futures are pointing to a solid open for the Dow Jones as it looks to build on last Friday’s impressive gains. Forecasts paint a mixed picture in terms of this afternoon’s American data, but with the US markets set to open in a vaguely more positive climate, the Dow could still see a continuation of its 2015 highs.
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