Spreadex Market Update
Markets brush off Greek uncertainty for robust morning of gains
Rumours that Russia is considering potentially extending an aid-filled hand to Greece failed to spark the sell-off they might have done in the past, with investors instead focusing on the vaguely good news that there will be another Eurogroup meeting to precede the EU summit on Monday. Yet so far nothing this Friday has actually suggested that next Monday will be any different from Thursday, just as yesterday was no different from the countless other meetings and summits of the past few months. Whether or not a deal arises is almost moot at this point; the tortuous process of even attempting to find a solution points to some unpleasant flaws at the heart of the Eurozone.
Like its European counterparts the FTSE held onto its gains this morning, and then some, climbing to around 10 points away from the week’s opening price after having been at 5 month lows at multiple points throughout the last 5 days. Whilst the overall positive atmosphere has been the main catalyst for the UK’s index’s gains, a better than expected public sector net borrowing figure can only have helped matters.
Even with the dollar taking back some ground against the pound and the euro, the US futures are signalling a strong open after yesterday’s robust gains. The Dow Jones is only around 25 points away from Thursday’s intraday highs, leaving it at its best price for about 3 weeks. In terms of data the US has nothing to offer this afternoon, meaning the current trading atmosphere has little to sustain itself beyond goodwill as the week winds down.
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