Spreadex Market Update
Optimism prevails this afternoon as Eurogroup ministers try and thrash out IMF-pleasing Greek debt deal
A sharp rise in new home sales (at 619k against the 521k expected), and more importantly a strong morning from Europe, helped the Dow Jones surge at the start of the US session, rising nearly 200 points to tease 17700. Gains in the banking sector seemed to provide the thrust of the growth, with some analysts suggesting a shift in sentiment surrounding any potential rate hike.
With the Eurogroup finance ministers busy trying to broker some kind of IMF-satisfying agreement the Eurozone indices ran with their earlier optimism, the DAX and CAC both rising around 2%. Of course they could be in for a nasty fall if today’s meeting fails to produce what the market seems to be expecting; for now at least, however, investors appear to be buying into some kind of progress on the Greek debt issue.
Like its global peers the FTSE saw an impressive, if undeserved, jump this Tuesday, crossing the 6200 after swelling by around 1%. The pound rose by nearly as much this afternoon, cable crawling above the $1.46 mark followed this morning’s pro-Remain result from the latest Telegraph Brexit poll.
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