Spreadex Market Update
Successful Greek vote and calmer commodities boost markets
The 36 rebellious Syriza MPs (interestingly no longer including Yanis Varoufakis) could still cause problems down the road for Alexis Tsipras, but for now, at least, he has the green flag to chase that much needed bailout package.
The next major deadline is most likely August 20th, the date of Greece’s next ECB repayment, a repayment that can’t feasibly be made without a fresh injection of funds. Greece and its creditors now have to utilise the co-operative momentum (slash Greek capitulation) that has fuelled this latest wave of breakthroughs in order to try and create a more long-term solution to this saga. Whilst this still may prove to be too tall an order, the relief of the Greek vote success, which was never really in doubt but still provides some much needed breathing room, boosted the DAX and CAC after the bell, with both looking much healthier than they did on Wednesday.
A slight increase in Chinese stability, and the subsequent calming of the commodity horrors from yesterday, meant that the FTSE could post some (admittedly mild) growth as the day began. However, the oil and mining sectors aren’t completely out of the woods yet, and it would only take a slight worsening of the already shaky performances by the likes of BP, Shell and Rio Tinto to create another day of inescapable drag for the FTSE. If the index is to recover from Wednesday’s near 2 week low it will need the UK’s latest retail sales figure to see a notable improvement. The forecast increase from 0.2% to 0.4% month on month might not be enough to wow investors, but there is still the chance for a May-like surprise from the shopping statistics.
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