Spreadex Market Update
Facebook and eBay mixed, Greece deadline potentially pushed to May
There is more stagnation in the never-ending Greek saga. With Tsipras and Merkel set to talk later today in Brussels, European Commission Vice President Dombrovskis has stated that a Greek deal isn’t likely until May. By kicking the Grexit can down the road a bit, some of the recent market uncertainty may be removed; however, not all of it. There is still the issue of how Greece will fund itself beyond the initially proposed April 30th deal-deadline, especially since the cash-unlocking reforms list Athens needs to provide is nowhere to be seen. The only good news for Greece is that the Eurozone looks like it is trying to bend as far as it can before breaking to ensure the country doesn’t leave the currency union any time soon.
After its commodity stocks, alongside those record-breaking pre-tax losses from Tesco, prevented the FTSE from climbing out of its mid-week slump, things are looking fairly flat for the UK index ahead of the latest retail sales and public sector net borrowing figures later this morning. The fastest factory slowdown in China for around a year has had an unsurprisingly negative affect on the FTSE’s commodity stocks, something that may only worsen if Brent Crude continues its Thursday fall.
Earnings season rumbled on after hours last night, as Facebook beat profit and active user growth expectations; however, a slowdown in revenue growth (which still remained at what for another company would be an incredibly high 46%) is a creeping concern for investors, especially since the Facebook’s intense R&D spending is showing no signs of stopping any time soon. Elsewhere, eBay saw a 4% year-on-year increase in revenue, a figure that would have been around 7% higher if it wasn’t for the strong US dollar putting a dampener on proceedings.
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