Spreadex Market Update
Pro-bailout party triumph in Greek elections
In a spectacle that saw the radical left party defeated by less than a few percentage points, New Democracy's road to governance, while far from secured, has at least received the minimum support required for a win to be declared.
But no sooner than when one set of questions marks have been removed, the next set appear. Markets, though welcoming of the result, will immediately turn to discounting news flows leading up to the announcement of whether a coalition can be formed, making even a positive outcome potentially volatile should the political process stall.
On the open we’re seeing high-beta outperforming, with names such as LLOY and ENRC being investors’ preferred choice to capture any upside. The greenback trades lower against most pairings, commodities higher.
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