Spreadex Market Update
Greece dominates agenda as Eurogroup meets to discuss fresh bailout package
The former fact will fuel most of today’s action, with the Eurogroup set to meet this afternoon to hash out whether or not to unlock a significant chunk of aid for Greece just in time for the country’s hefty summer repayments. Whilst it seems almost guaranteed that Greece will receive this monetary boost, things aren’t so cut and dry. The IMF is reportedly refusing to participate in this latest bailout without Greece being granted ‘upfront and unconditional’ debt relief. The issue continues to be the one major division over the treatment of Greece, and could cause a few heated debates among the Eurozone’s finance ministers as they try and bridge the schism between those fiercely opposed to the idea and those willing to cut the country some debt-slack.
Beyond the Eurogroup meeting the region also has a few figures to deal with. The first hurdle has already been cleared, with German Q1 20165 GDP confirmed at 0.7%; now attention turns to the morning’s ZEW economic sentiment numbers. Both the German and region-wide figures are forecast to hit 5 month highs, at 12.1 and 23.4 respectively.
Still effectively waiting for its GDP data on Thursday the FTSE doesn’t have much to work with this morning. The index will have to make do with the latest public sector net borrowing number, expected to rise to £6.3 billion having fallen to £4.2 billion last month.
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