Spreadex Market Update
Greece reportedly makes ECB (and IMF) repayment; US markets await big week for earnings
The main news of the morning was reports that Greece had used up the majority of its €7 billion bridging loan to fund its €3.5 billion repayment (plus interest) to the ECB alongside finally repaying the €2.05 billion it owed the IMF. This was all to be expected, but a) it is always nice to return to a world of regularly made payments after the frantic scenes of the last few weeks, and b) it is a frank reminder that a third bailout really needs to be agreed by August 20th, the date of Greece’s next ECB repayment, if the country is to stand a chance of coughing up the money to the central bank. Nevertheless, today marks (hopefully) a start (at least in the relative short term) to a period of (sort of) stability for the Eurozone; it may be caveat-filled, but investors will likely take this calm after the storm of the last few weeks.
The FTSE saw an increase in its morning gains as Monday went on, largely lifted by the optimism in the Eurozone, and big growth for stocks like Aveva Group and Ladbrokes following M&A news for both. However, as ever the UK index is being hampered by its oil and mining stocks, as Brent Crude and copper joined gold in its slide.
It’s perhaps this biggest week of the current earnings season, one that brings with it results for Apple, Coca-Cola, McDonald’s and Amazon.com, among a host of other mega-stocks. The Nasdaq was already lifted to a new record close last Friday following the $65 billion increase in market cap seen by Google following the company’s Q2 results, results that came on top of an already impressive set of earnings for Netflix. The S&P will try and follow its index peer after the bell, with earnings from Morgan Stanley, Hasbro, Halliburton and IBM to come.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
