Spreadex Market Update
Losses for BP, Rio Tinto and Shell weigh on FTSE; Coca-Cola to announce Q2 results pre-US open
Despite Carney's hawkish comments last week the most recent BoE meeting minutes showed a 9-0 vote to leave rates unchanged, with the fears over the Greek crisis the reason given for the dovishness. However the arguments to keep rates as they are versus a small increase are becoming ‘more finely balanced’ according to the minutes, so the central bank’s voting landscape could look fairly different by next month. Beyond Carney and his cohorts, serious losses for Rio Tinto, BP and Shell meant the FTSE led the global losses in the European session, slipping to a 10 day low in the process.
For once the Eurozone was less extreme than the UK index, with the DAX and CAC posting mild losses as the morning wore on. The region’s focus remained on the Greek parliament, but with the vote not actually expected until late this evening (alongside the fact that this week’s vote is far less controversial than that of last Wednesday’s) there was, like Tuesday, little reason for investors to get excited.
It falls to the USA to spark some life into the markets this afternoon, hopefully with earnings a bit more positive than last night’s market-dragging tech tumbles. One of the aging mega-stocks in the junk food kingdom, Coca-Cola, announces its second quarter earnings before the bell, with investors seeking some good news from its US division (or at least a slowdown in the 10 year sector wide US soda sales slump), alongside positive progress from its healthier products, like Minute Maid and Vitaminwater, an increasingly important component of Coca-Cola’s operations as it battles its aforementioned fizzy drinks failings.
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