Spreadex Market Update
Brexit poll bounce for pound and Greek aid hopes overcome weak data this Tuesday
Having fallen around half a percent at the open the DAX and CAC are now up 0.5% and 1% respectively. The German index likely would have been higher if it wasn’t for the latest ZEW economy sentiment figures, the country’s reading unexpectedly falling to 6.4 from 11.2 last month. The Eurozone-wide figure was no better, dropping to 16.8 from 21.5, arguably impacted by the impending uncertainty (be it Greece, the UK EU referendum or the upcoming Spanish election) facing the region. Talking of said uncertainty the markets are still waiting to see what this afternoon’s Eurogroup meeting produces, with the region’s finance ministers receiving a stern warning about the dire necessity of Greek debt relief from the IMF.
While the FTSE followed the Eurozone’s lead and rose 0.3%, the figures out of the UK weren’t much cop, with it being revealed this morning that the country borrowed £76 billion across 2015/16 to cover its deficit, £4 billon more than initially reported. Meanwhile with Mark Carney & co once again warning of the risks of Britain leaving the EU the pound got another Brexit poll bounce this Tuesday, cable rising 0.7% as the Telegraph reported a 13 point lead for Vote Remain.
Looking ahead to the US open and it all appears a bit threadbare, clearing the way for a Eurozone-focused afternoon. According to the futures the Dow Jones is heading for a 40 point rise after the bell, just about pushing it over the 17500 mark it is currently struggling to break beyond, with only new home sales to look forward to in terms of economic data.
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