Spreadex Market Update
No rest for the wicked as Eurogroup eyes 5th meeting in 9 days on Saturday
Angry words towards the end of yesterday’s 24-hour EU extravaganza, with Donald Tusk reportedly telling Alexis Tsipras that it’s ‘game over’ (it’s nice to see that Lagarde’s call for ‘adults in the room’ was heard), capped off a tense day that appeared to yield little beyond the fraying of nerves.
Creditor proposals and Greek counterproposals were apparently treated with similar disdain by the Eurogroup and EU leaders alike, meaning the focus has now shifted to Saturday and what will be the 5th meeting of the region’s finance ministers in 9 days. With pensions and VAT the perpetual sticking points, time is rapidly running out to hash out a deal before things get into decidedly uncharted territory. After holding on to mild gains despite the waves of bearish soundbites yesterday, the DAX has succumbed to reality this morning and slipped into the red, with the CAC and the rest of the region’s indices following suit.
The little ol’ Footsie oddly suffered more than the Eurozone yesterday, and has begun this Friday morning to slip to levels not seen since Monday’s optimistic surge, which in hindsight looks even more bizarre than it did at the time. Cameron’s quest to table his EU negotiation terms didn’t work out too well last night, with a reportedly perfunctory, and brief, speech at the EU summit dinner failing to be heard over the Greek hubbub.
Every little helps; news that Tesco’s fallings sales had slowed from a 4% decline to a mere 1.3% decline for the 3 months to the end of May year-on-year has been enough to boost investors’ faith in the much beleaguered supermarket, at least for this Friday, as the company climbed by 3% this morning to a near 6 week high.
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