Spreadex Market Update
Quiet Wednesday morning brings with it relative market stability after panic-stricken Tuesday
The FTSE was the best performing of the major indices, maintaining solid growth as investors await the state opening of parliament. Unlikely to bring with it too many unknowns, the Queen’s speech, nevertheless, could cause some movement on such a quiet Wednesday.
Whilst the FTSE managed to post gains, the Eurozone couldn’t help but remain flat as investors nervously waited for the latest pieces of news surrounding the Greek debt saga. With pressure from the US over the Greek issue expected to come at this week’s G7 meeting there is very little reason for investors to boost the Eurozone at the moment; yet the lack of damaging dispatches from Greece has also left little reason to flee the region, causing the flatness that has been so prevalent this morning.
After a robust dollar caused the US markets to join in with the European sell-off yesterday afternoon, the US futures are tentatively positive as the greenback calmed its aggressive gains. Last night Jeffrey Lacker, the Richmond Federal Reserve Bank president, highlighted another aspect of the rate hike debate, stating that banks cannot expect another set of government bailouts if things go wrong. Lacker was keen to emphasise the need for stricter market discipline, especially as the Fed continually looks for an atmosphere of financial stability to raise rates in.
The biggest loser of the day, in a morning full of competition, was Synergy Health. The healthcare outsourcer plunged by nearly 17% after having already fallen by around 4.5% on Tuesday; this has left Synergy at its lowest price since October last year, and a far way off of its recent record highs. The cause of this calamity has been worries that the long-rumoured takeover of Synergy by the USA’s Steris Corporation, worth around $1.9 billion in cash and stock, could be blocked by the FTC.
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