Spreadex Market Update
Calm morning sees hope-maintained, but little fresh Greek news
Given the drama of Monday, Tuesday has continued at a rather more sedate pace, with the behind-the-scenes technical work ahead of tomorrow’s Eurogroup meeting yielding little in the way of histrionics, and leaving the usual (overly) frequent soundbites from the region few and far between.
Things could be slightly different this afternoon, as the junior partners in the Greek government, ANEL, meet to discuss the latest twists and turns in the situation. Any statements following this meeting could give further indication of the sentiment of the Greek government, and the difficulties Tsipras may face pushing any potential deal through. Yet the spectre of a difficult sell for the Greek PM back home couldn’t stop the DAX from tickling 11600, a level it hasn’t seen since the end of May, with similar gains for the CAC.
Like the Eurozone the FTSE has held firm, and is only around 25 points away from a 20 day high. The ongoing optimism helped investors ignore a worse than expected CBI industrial order expectations figure, one of the few pieces of data the UK is offering up this week.
Whilst the European indices wait eagerly for the latest sniff of news from Greece, the US markets can get back to their own business this afternoon, with the latest set of data ready to test the dollar/Dow/rate hike debate conundrum once again. Durable goods orders, the flashing manufacturing PMI and new home sales all are expected to improve on their previous figures, meaning the dollar could continue the robust gains that began yesterday afternoon, gains that have left the Dow Jones rather flat after Monday’s manic growth.
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