Spreadex Market Update
Mid-week mildness for Europe whilst US awaits Fed statement this evening
The Greek Central Bank has urged its government to reach a deal, whilst Djsselbloem has stated that a solution is still achievable despite the fact that time is running out. The S&P has also claimed Europe can cope with the contagion risk of a Grexit just as the UK government began to discuss its own plan for such an eventuality. So, all in all, little of the drama seen yesterday, and importantly less of the aggressive, and unhelpful, rhetoric that began to appear as Tuesday drew to a close. Not that this has helped the markets; the continual uncertainty has left the Eurozone indices in the red after they had been tentatively optimistic after the bell.
An overall strong selection of jobs data for the UK, with the lowest unemployment figure since the ONS began its records in 1999 and especially impressive wage growth figures countering a miss in claimant count change, failed to spark some life into the FTSE this Wednesday morning. The UK index has slipped once again to around half a percent in losses and around 150 points off of yesterday’s 5 month lows.
With the Greek push and pull remaining the focus in Europe, the US markets have some big news of their own to look forward to this evening; at least in theory. The Federal Reserve will reveal its latest economic projects later in the day, with Janet Yellen’s statement almost certain to comment on the interest rate debate, alongside the potential for a mention of the seemingly inescapable Greece; investors will be clamouring for some kind of clarification on the former, whilst comments on the latter are always good for some market movement. In anticipation for this news the US futures are building on yesterday strong performance, with the Dow Jones now around 50 points away from re-crossing the 18000 mark it abandoned last Friday.
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