Spreadex Market Update
20.07.12 Friday Morning
However, bulls may have their opportunity to monopolise the markets later today as eurozone finance ministers are due to pass an agreement to recapitalise struggling Spanish banks in a meeting today. Such a move, if approved of course, is likely to help lower Spanish 10-year yields which hit 7% again yesterday and in turn prove to investors that officials will step in when required.
Vodafone, the telecoms champion, reported a decline in first quarter revenues this morning but maintained that the outlook for the full year will be in line with expectations. Difficulties in European market conditions were attributed towards the decline whereas advances within emerging markets seemed to be enough to maintain an unchanged full year view.
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