Spreadex Market Update
Troika returns to Greece as third bailout discussions begin
It will be a bitter sweet arrival in the eyes of Tsipras; just 6 months after Syriza’s election victory and Varoufakis’ emphatic declaration that the country would no longer negotiate with the triumvirate comprised of the European Commission, ECB and IMF they are back once again, holding with them the keys to unlock the desperately needed fresh bailout package.
Frustratingly for the Greek PM, and as the now-former finance minister found out, you would find it easier to draw blood from a stone than yield true compromise from the Germany-influenced (to put it mildly) troika, leaving Greece back in bed with a group that contains plenty of people that would rather the fabled Grexit had happened. And whilst this should be a cause for celebration for the markets, the weakness the Greek saga seems to have inspired in the latest services and manufacturing PMIs has distracted the DAX and CAC from the fact that positive progress is still tentatively being made.
The latest set of soft Chinese data, this time in the form of the Markit manufacturing PMI, has led to yet another weak morning for commodities, with metals hit the worst. This left the FTSE to deal with its oil and mining stock drag once again, bringing with it another lifeless open for the UK index. One miner that did managed to escape a fall this Friday, however, was Anglo American; after hitting a 13-year low on Wednesday things weren’t looking good for Anglo ahead of today’s half year report. However, the maintenance of its interim dividend, something that was in doubt earlier in the week, helped investors ignored the 36% decline in half-year underlying EBIT, pushing the stock nearly 2% higher in the process.
You’d imagine Jeff Bezos was pretty happy with Amazon’s second quarter results yesterday; the news that the company’s sales rose 20% to $23.2 billion, around 4% higher than forecast, alongside the fact its earnings per share was $0.19 against the expected $0.14 loss, sent the stock sky high, surging 18% in post-market trading. Not only does this put Amazon well, well above the $500 mark, it makes it the highest-valued retail company in the world, leaving Walmart in its wake.
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