Spreadex Market Update
Newest Greek rumours boost markets at open
The latest news out of the rumour-ready Eurozone is that Greece, feeling the heat as its deadline looms, may ask for a loan extension at some point today. The crucial part of this is that this request will not include asking for an extension of many of the current bailout stipulations. Regardless, this move resembles the sorely needed compromise that has been lacking for much of the past two weeks, and the Eurozone indices have taken this sentiment to heart, creeping into the green after the bell.
Yet at the moment the markets are very much operating on fumes, as any potential loan request would still be a long way from providing an actual resolution. Greece will first have to face down the increasingly irritable Germany and everyone’s favourite economic grouch Wolfgang Schauble, who is unlikely to accept this watered down form of Greek contrition.
After deciding that yesterday’s low inflation figures were acceptable, the FTSE continued to grow this morning as both oil and the Eurozone allowed for a headache free start to Wednesday. The FTSE’s current best friend continues to be Brent Crude; despite a slight decline after the bell, the commodity is still trading above $62 per barrel. This continued strong performance means Tullow Oil could return to the form it found at the start of the week, with Premier Oil also building on its recent gains.
However, if the FTSE is to continue its maintain this performance, it will have to weather a flurry of data that will be hotly discussed in this election season: average earnings, the unemployment rate and jobless claims are all primed and ready to become the latest weapon in this election fight, and the UK index will be hoping that the figures arrive slightly better than the relatively stagnant forecasts.
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