Spreadex Market Update
Greece edges towards securing bailout extension
However, whilst there were only 32 rebel votes in the Bundestag this morning, the sentiment in the room painted a tenser picture. Germany is clearly unhappy about this extension, and is very doubtful over Greece’s ability, and perhaps more importantly its willingness, to enact the reforms that were approved on Tuesday. These doubts only gained more validity with the news that Varoufakis has spoken with pride to a Greek television channel about how vague the Greek reforms list was. Given the negative atmosphere surrounding this vote, the Eurozone indices didn’t explode into life once the vote outcome was revealed, instead continuing the minor gains that began this morning.
After mixed inflation data yesterday, the US markets were unimpressed whilst the dollar devoured its currency peers; America sees another important day of economic releases later today. Chicago PMI, pending home sales and the revised UoM consumer sentiment all arrive this afternoon; however, most significantly is the release of the preliminary GDP figure. August and November’s growth was strong, and outperformed expectations; in contrast, this month’s figure has been forecast to decline, not the kind of news the hawks will want to hear. In preparation for this information the US futures remain decidedly flat, following the lead of their European counterparts.
Finally, the FTSE slipped marginally into the red as Friday continued. The UK index wasn’t helped by copper, which continued to recede from the recent highs it saw yesterday, taking with it Vedanta Resources; in the FTSE’s other key commodity interest, Brent Crude remained above $60 per barrel but this wasn’t enough to cause any great surge from the oil sector. On another quiet day, at the end of another quiet week, the FTSE looks like it will be reliant on the Dow and the DAX to inspire some kind of life as it limps towards the end of February.
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