Spreadex Market Update
UK GDP remains at 0.3%; discord between Greece and its creditors on progress of a deal
Whilst first quarter GDO remained at 0.3%, the Treasury was quick to point out that this ‘confirms that the UK was the fastest growing major European economy over the past year’, a fact that seemingly helped investors get over their disappointment. The UK index was also propped up by significant gains for PayPoint, which is up over 6% after announcing it is to sell its parking and online payment processing companies, and Mike Ashley’s baby Sports Direct International, which jumped 4% as the company raised its profit outlook.
As the G7 meetings rumbled on, the ECB released its latest financial stability review, one that ominously claimed that the chances of a Greek default have 'increased sharply'. Yet despite the bearish tone struck by nearly everyone who has anything to do with the deal, with Christine Lagarde echoing Schauble’s statement that there is ‘still a lot of work to do’ , Greece remains adamant that a solution is on its way, with a Greek spokesperson claiming the country was aiming for a deal by Sunday. The increasingly hollow words coming out of Greece, and the apparent lack of harmony between the country and its creditors, left the Eurozone languishing in the red as the day went on.
A mixed morning for the dollar, with strength against the pound countered by a so-far resilient performance from the euro, has failed to spark much excitement in the US futures. The Yellen-aligned San Francisco Fed President John Williams stated last night that the USA’s weak first quarter performance was an ‘anomaly’ and should right itself as 2015 progresses, something that Williams feels will likely help the Fed raise rates later this year. With this in mind, investors appear to be waiting for this afternoon’s jobless claims data before making any decisions about the US markets.
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