Spreadex Market Update
DAX falls into the red as investors await ECB ELA confirmation
The gains in the Eurozone, which, to be blunt, always looked a bit optimistic, disappeared with a vengeance this afternoon, with the DAX going from 1% in gains to 1% in losses in a relative blink of an eye. No actual new bad news leaked out as the day went on; in fact the only thing of note was the reports on the ECB’s decision to raise Greece’s emergency liquidity limit by an unconfirmed amount. Yet Wolfgang Schauble captured the tone in Europe when he claimed that he is ‘not sure [he’ll] be able to announce anything sensational or new’ by Monday, a sentiment that succinctly describes the approach to all of the recent meetings between each side of this debate.
Considering how susceptible the FTSE has been to movements in the Eurozone in the past month, the fact that the UK index didn’t immediately plummet when the DAX dipped into the red is fairly impressive. Not to say it held onto its gains; it now looks set to end up flat on the day instead of the flat on the week finish it was eyeing earlier.
Like the rest of the global indices, the US markets appeared to swallow a big dose of reality after the open; the highs the futures had seen switched to mild losses as the day went on, with little on the on the horizon to inspire any immediate change.
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