Spreadex Market Update
Mixed morning in mid-week Greek purgatory, FTSE awaits UK jobs data
On one side you have Alexis Tsipras, claiming the IMF has a ‘criminal responsibility’ for what is going on in Greece, whilst lambasting the ECB’s ‘financial asphyxiation’ tactics. Not to be outdone, Jean-Claude Juncker, who appears to still bear somewhat of a grudge after the proposal problems of the past few weeks, once again claimed the Syriza party was ‘misleading’ voters over the current situation. Thursday’s Eurogroup meeting was meant to be a time to hammer out the kinks of a deal; instead, each side is ramping up the finger-pointing rhetoric seemingly in preparation for the worst-case scenario.
Yet despite the continual disintegration of relations, the Eurozone indices managed a fairly remarkable recovery during yesterday afternoon, with the DAX shifting from fresh 4 month lows to around half a percent in gains. Twice in the last fortnight investors have shown reluctance to allow the German index to fall too far below the price it was at in the middle of February, with similar scenes across the rest of the region. The Eurozone appeared to be following this upward trend, but has already begun to fluctuate; however, last week saw a similar situation, one that eventually led to the lows we saw yesterday.
The FTSE saw a slightly less robust recovery on yesterday, but still one that took it form 5 month lows to roughly flat on the day. Its performance after the bell showed only the mildest predilection for growth; however, more decisive movement should appear later this morning as the UK offers up its latest jobs data. Analysts are forecasting a strong showing from wage growth, a better claimant count change and the maintenance of that 5.5% unemployment rate. After the damp squib of UK inflation yesterday, this news could be what the FTSE needs to strike out on its own, however temporarily.
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