Spreadex Market Update
Markets, like Brussels, await Greek reforms list
With that issue up in the air, there was little information from the region, with only titbits as the morning went on. Greek officials confirmed that the list, at the very least, will be with Brussels by the end of the day, whilst the Eurogroup will discuss the reforms in a conference call tomorrow. There were also suggestions that Syriza intend to go ahead with their pledge to raise the Greek minimum wage, but will do so gradually rather than with any immediate hike. With news sparse on the ground, spirits were slightly dampened by missed expectations for the German Ifo business sentiment figure; the Eurozone indices are now looking decidedly flatter than they were at open, as the usual stagnation that surrounds the fallow periods of this Greek issue reared its ugly head once more.
In the UK, the FTSE lost the near-record highs it had reached this morning due to the disappointing earnings release from HSBC. The bank’s February went from bad to worse as a flurry of missed targets joined the ongoing Swiss tax scandal, and lead the stock nearly 6% lower as the day went on. Things were only exacerbated for the FTSE as the UK’s CBI realised sales fell to a 21 month low, hitting a 1 on the index compared to last month’s 39, and far, far below the forecast 42. The final bitter pill this morning came in the form of falling oil; as Brent Crude slipped below $60 per barrel, Premier Oil and Tullow Oil shed between 4 to 5%, piling on the misery for the UK index, whose fate had looked so bright this morning.
After the Dow Jones and S&P touched new highs, and the NASDAQ edged closer to its much sought-after 5000 level, US futures looked sickly this morning as they began to fall away from these peaks. The US has very little in the way of data today, with only existing home sales to look forward to this afternoon, meaning that there will have to be a significant change in sentiment in Europe if the US markets was to change the direction of their open later today.
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