Spreadex Market Update
Morning of likely limp Eurogroup lock-in leaves markets lifeless
Not to put too fine a point on it, but if a deal arises out of the testy and tired collection of Eurogroup finance ministers meeting later today it will be somewhat of a miracle. The aggressive rhetoric of the past few weeks has left no uncertainty about the state of relations between the two sides of the Greek divide, and there have been precious few signs of progress towards a solution in the last couple of days.
We are just over the halfway mark in a month that was meant to be a time of difficult decisions and complex compromises; instead there has been a decided lack of urgency. For all the repeated statements that this is the ‘11th hour’ neither side has truly acted as if time is running out. With the Eurozone indices currently in the red after widening losses last night put them back on track to potentially hit the lows seen on Monday, it looks like it is going to be a long slog to get through to the other side of today’s meeting.
The FTSE has already grazed fresh 5 month lows this morning, a situation that could worsen as the day goes on; in terms of UK-specific news the only piece of data due today is retail sales, and if forecasts are correct this is unlikely to provide any joy. Not that it would matter; the FTSE has been pretty impervious to its own figures this week, instead doggedly following the lead of the Eurozone.
It was a disappointing morning for Poundland; despite an 11.9% increase in sales to a personal record of £1.12 billion, a warning that its first half results for the current fiscal year will be ‘relatively subdued’ has taken the shine of that billion pound best, pushing the stock 4% lower with it at one point hitting a 2015 low of £2.92.
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