Spreadex Market Update
Greek uncertainty and pre-Fed anxiety dampen markets
The Eurozone indices have maintained their declines throughout the day, but without showing any real threat of widening their losses. Tomorrow, on the other hand, could see a bit more excitement. Thursday brings with it the latest Eurogroup meeting and another chance for a consistent string of Greek dispatches. Of course, this meeting was meant to bring with it a lot more than that, but comments from Varoufakis yesterday and German foreign minister Steimeier today suggest that there is very little chance of a new proposal materialising tomorrow, be it from either side, and therefore no deal. However, the focus of the meeting will unavoidably be on Greece, so investors can expect plenty of chatter as Thursday continues.
After a brief flirtation with gains this morning, the FTSE settled into a familiar routine this afternoon, posting mild losses largely in line with what is happening in the Eurozone. With both inflation and jobs data failing to truly distract investors from Greece, Thursday brings the final chance for the FTSE’s to forge its own path this week with the latest retail sales figure. However, analysts are forecasting a decline, so the UK index will likely be on its Eurozone leash once again.
The Dow Jones kept up its mild gains after the US open, but with signs of increasing tentativeness creeping in as the Federal Reserve monetary policy statement draws closer. Expectations are primed for signals of a September rate hike at the earliest, despite this week’s soft data, so the reactions of the dollar and Dow will be key. The disparity between the interests of each has been one of the main market movers in the US since the Dow Jones first crossed 18000 back in December, so Yellen’s comments this evening could bring with it some volatility if she is seen to be leaning strongly towards either the doves or the hawks.
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