Spreadex Market Update
FTSE flat after long weekend; Greece to meet creditors once more
With only CBI realised sales in the way of figures during the morning, the FTSE will likely have to contend with the ongoing Greek situation in the Eurozone, something that always seems to dominate on the days of little data. In terms of the UK’s own EU adventure, Germany and France have announced their intention to further solidify their links to the Eurozone without re-opening the EU treaties. These proposals are to be announced at the same June EU summit that Cameron had tabled as the date of his pre-referendum demands; despite the struggles at the back of the pile, the Eurozone heavyweights are beginning to position themselves as an ominously unified front, to the detriment of Cameron’s aims.
Whilst France and Germany have pledged to tighten the union of the Eurozone, the Greek black sheep of the single-currency family remains uncompromising on its ‘red lines’. Greece is set for its latest meeting with creditors in Brussels later today, and its lack of movement in regards to pension reforms and primary surplus targets, amongst others, is likely to be the main talking point. Greece continues to play a fairly dangerous game; it has both stuck to its guns in regards to rejecting certain reforms whilst maintaining the ‘fact’ that it will be unable to pay its June 5th IMF repayment, fears of which has sent the euro to a one month low this morning.
The falling euro was initially a boost to the Eurozone indices, with the weakened currency prompting mild morning gains for the DAX et al. before the region began to tumble across the board. With nothing in the way of tangible data this Tuesday, the likely prevalence of dispatches discussing the Greek dilemma could make for some rocky trading as the European week gets off to its late start.
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