Spreadex Market Update
DAX and FTSE revert to red despite promise of unlocked Greek aid tomorrow
Reports from Bloomberg that Greece will unlock an aid tranche worth €11 billion following the recently passed austerity measures/Eurogroup confirmation tomorrow managed to see the DAX and CAC each tentatively tease half a percent gains during the morning. Yet it seems that there wasn’t much appetite for growth, with both indices now falling by 0.7, with matters not helped by Monday’s PMI reveals. Whilst both Germany and France posted better than expected services figure (with the former also managing a decent manufacturing number), the Eurozone-wide composite still managed to hit a 16 month low of 52.9 thanks to softness across the rest of the region.
Trickling lower by around 10 points the FTSE followed the Eurozone’s lead this morning, with little of its own to offer investors. The 1% fall from Brent Crude likely supressed appetite for the index, with the commodity sector as a whole helping drag the FTSE lower.
Looking ahead to the US session and the Dow Jones is set to continue the day’s dullness with a 20 point drop at the open. At least the US produces some data this afternoon, the latest Markit services PMI expected to nudge up to 51.0 after slipping to that woeful 6 and a half year low of 50.8 last month.
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