Spreadex Market Update
FTSE opens lower
The FTSE 100 opened 0.3% lower in early trading this morning with Euro weakness being the main story after Eurozone finance ministers failed to reach any definitive agreements on how to finance a two-year extension on Greece’s commitments.
It appears that although some of the country’s lenders are willing to consider a temporary suspension of interest payments they are less willing to put money on the table. Another meeting is scheduled for Monday.
The poor sentiment has not been aided by the fact that the Israel/Gaza ceasefire is still hanging in the balance and Hewlett Packard’s row over their acquisition of Autonomy.
Perhaps unsurprisingly the dollar, often viewed as a safe haven, has strengthened as sentiment worsens and equities are hit.
Later today we have data on the UK public finances and minutes from the last meeting of the Bank of England’s Monetary Policy Committee after the MPC kept the interest rate and Asset Purchase Facility unchanged. In the afternoon we will see the US Manufacturing PMI figures as well as the University of Michigan’s Consumer Sentiment Figure and Weekly Initial Jobless Claims.
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