Spreadex Market Update
FTSE looking fresher on Friday morning, Vodafone at highest price since last February
Whilst the FTSE attempts to break out of its week-long shyness, supported by gains in its oil and mining stocks, David Cameron is in Riga to put forth his first arguments for EU/British reforms since he was re-elected 2 weeks ago. Given the continual distractions posed by Greece Cameron might find it hard to gain much traction with a crisis-weary European crowd, and his demands may be left on the shelf until the Greek situation is resolved.
Despite more cautious words from Merkel and Hollande, Greece has claimed it can reach a deal in 10 days – crucially before the June 5th IMF payment date. Yet Greece is still sticking to its ‘red lines’, something that in the eyes of its creditors is impeding the progress of any potential reforms, and therefore the successful negotiation of a solution. The lack of actual movement on the issue had a dampening effect on the Eurozone indices this morning, which have been lifeless since midweek, leaving the DAX sluggish as the week begins to wind down. If the Eurozone stands a chance of breaking out of the stifling market atmosphere that has been present since Wednesday, then a speech from ECB President Draghi and a press conference held by European Commission chief Juncker and European Council President Tusk may be key.
After a slightly disappointing reaction to its fourth quarter results on Tuesday led to a loss, Vodafone has spent the rest of the week making leaps and bounds, jumping over 5% on Wednesday and another 1.5% on Thursday. News this morning that the company is seriously considering both acquisitions and disposals on a case by case financial basis, with the latter’s most likely partner being Liberty Global, pushed the stock even higher, seeing Vodafone surpass the highs reached last February.
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