Spreadex Market Update
Eurozone crisis reaches (latest) crescendo as markets move optimistically
News of a fresh Greek proposal, submitted last night, has had a magical effect on the markets this morning, with the DAX leaping up 2.5% at open whilst the CAC jumped by roughly the same amount. Investors have become used to big swings in the Eurozone, but this is the most significant surge in months. The main reason behind the positivity is hope that this latest Greek proposal contains the much needed concessions the country’s creditors have been looking for; described as ‘a good basis for progress’, already these proposals have been received better than the usual ‘insulting’ attempts at reform. Greece is now aiming to unlock the reported €18 billion, 6 month extension that was touted over the weekend, and secure the country’s position in the Eurozone at least until the end of the year.
In order to do so it’s meetings galore this Monday: the ECB is set to discuss Greek banks, Tsipras is preparing to meet the creditor dream-team of Lagarde, Draghi, Juncker and Djisselbloem before the Eurogroup meets once again at lunch-time. This all build to an EU summit this evening that, best case scenario, ends with some kind of deal, in whatever shape that may be. After a month of interminable claims and counterclaims from each side, there is a bit of excitement on the markets and the genuine semblance of optimism; now this sentiment just has to last the day.
Ever the bridesmaid at the moment, the FTSE followed the lead of the spotlight-hogging Eurozone to jump up around 1% at open, as the swell of positivity from the continent crept over to the UK. With a sparse economic calendar this Monday, there is little chance of the FTSE escaping the shadow of the Eurozone today, unless something truly remarkable happens.
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