Spreadex Market Update
Dull Friday morning sees Tsipras meet Merkel and Hollande
Beyond the usual frustrated sounding comments from Varoufakis and Tsipras, with the former stating Athens won’t sign an ‘unviable’ agreement whilst the latter lamented the creditors’ dogged pursuit of ‘tough measures’, the only real news is that the Greek PM met Angela Merkel and Francois Hollande this morning. Little appears to have come of this meeting beyond the usual disagreements and warnings, leaving the chances of a deal hanging on the success of Saturday’s ‘decisive’ Eurogroup meeting. The lack of news left the Eurozone indices in the red, but not excessively so, as investors appear to await firmer news over the weekend.
Whilst the Eurozone posted steady losses, the FTSE spent the morning widening its fall as investors began to question the UK index’s current level. Given that the FTSE, even factoring in the decline from Wednesday’s highs, is only at its present price due to the now absurd looking optimism on Monday, with no Greek deal currently on the table there is little-to-no reason for investors to prevent the FTSE from falling further.
Like the Eurozone the US futures were painted a tentative shade of red this Friday morning, lacking the impetus to do much else. After a fairly busy week of largely positive data, something that has dragged the Dow Jones down from its 4 and a half week high on Tuesday, there is only the revised UoM consumer sentiment figure to chew over this afternoon. Analysts are expecting no change from the preliminary 94.6 number posted a fortnight ago, so at the moment there is little reason for the US markets to change their current sleepy disposition.
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