Spreadex Market Update
Markets continue robust rebound as Greece situation worsens
The ECB's Ewald Nowotny claimed that a Grexit is less of a threat to the Eurozone's stability than it once would have been. Without the rest of the Eurozone fearing contagion, Greece is going to find it even more difficult to negotiate a deal on its own terms. It is unsurprising then, if still incredibly ominous, that Greece has ordered its local governments to transfer their cash reserves to the central bank. This authoritarian move from the left-wing Syriza shows how dire things are getting in Greece, with Athens blaming ‘unforeseen circumstances’ for this latest scramble for funds. However this didn’t deter the Eurozone indices which turned a collective blind eye to the worrying goings on over in Greece and continued their muscular rebound this Monday afternoon.
The Dow Jones leapt over the 18000 mark this afternoon as the US markets followed Europe’s lead. However, the big story of the day was US earnings season, with the fears over a damaging dollar making appearances here and there. Toy-maker Hasbro saw nearly 9% growth on the markets after its first quarter results, with the main draw being its $0.21 earnings per share, much higher than the $0.08 EPS analysts expected; however, perhaps in a sign of things to come, the company claimed it lost $62.6 million last quarter due to the greenback’s recent rampant run.
Over in the financial sector, Morgan Stanley saw an astonishing 60% growth in net profit, its best release since pre-crisis, due to its trading and wealth management performance. Unsurprisingly, such robust gains roundly beat analyst expectations, and saw the company post steady gains after the bell.
The FTSE hasn’t really grown much since this morning, with its oil and mining stocks helping sustain the its post-7000 gains without the UK index breaking into as much of a run as its European and American peers. As Brent Crude held onto $64 per barrel, and Rio Tinto and Vedanta ratcheted up impressive gains as the day went on, the FTSE had little to do this Monday beyond let its commodity stocks prop it up as Monday continued.
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