Spreadex Market Update
Latest Eurogroup failings leave Greek deal in doubt once again
After the creditors sent a proposal to the finance ministers that contained minor concessions on pension reform and VAT rates, the group came together to try and hash things out; flash forward to two hours later and the meeting had been 'indefinitely suspended' as Greece was told to come back with a better proposal, i.e. give up on your red lines and sign our damn proposal already!
In amidst all this was the usual soundbites from key figures. European Council President Donald Tusk claimed he had a ‘hunch’ that this Greek drama would have a happy ending with Tsipras stating a deal was still in reach. Wolfgang Schauble and Angela Merkel, on the other hand, were much more dour, stating that they felt Greece had gone ‘backwards’ in today’s discussions. This all played havoc with the markets, and having spiked around lunchtime the Eurozone indices began to lose some of their lustre as they gave up the majority of their Thursday gains.
Still waiting on news of Cameron’s quest to renegotiate the UK’s EU terms (in what must be one of the more poorly timed and unwelcome acts of the PM’s international career), the FTSE went one further than its Eurozone counterparts by slipping unto the red as Thursday continued.
Whilst Europe staggered around in its months long Greece fog for another day, the US markets had to deal with their own ongoing issue: the rate hike debate. A strong afternoon for US data, with flat(ish) unemployment claims and core PCE price index figures joined by better than expected personal spending (a big leap from 0.0% to 0.9% month on month) was the latest in a growing trend of hawkish results. This reduced the big gains the Dow Jones had seen before the bell to almost nothing, whilst the dollar began a quiet Thursday comeback against the euro (if not the pound).
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