Spreadex Market Update
Sell-off stabilises whilst Juncker gives dramatic speech urging Greece to vote ‘yes’
Monday afternoon brought with it a bit more action on the Greek front; not tangible, useful action, mind you, but action none the less. A flurry of conferences this afternoon saw a typically stoic speech from Merkel, who claimed Germany is well prepared for a Grexit whilst reaffirming that the Eurozone ‘faces a decisive challenge’; the German vice chancellor Sigmar Gabriel was a tad more aggressive, calling Tsipras a threat to the entire Eurozone.
Yet these were just side shows to the Jean-Claude Juncker main event. In a fairly emotional, as much as that term can be used to describe a conference on Greece, and personal speech, Juncker lambasted Greek ‘egotism’, claiming he felt ‘deeply distressed’ at the current situation. He ended his speech by urging Greece to vote ‘yes’ on Sunday whilst throwing out some dubious sounding (and downright untrue) claims about the deal Greece’s creditors offered the country.
This spectacle was in direct contrast to Merkel’s claim that pressure shouldn’t be put on the Greek people ahead of Sunday, but was perhaps a more honest reflection of the growing desperation in Europe than the German chancellor’s speech. Even if Greece does vote ‘yes’, the region’s flaws have been mercilessly exposed in the past few months, and Tuesday’s IMF payment is potentially looking like a very large nail in an increasingly likely coffin.
Whilst Europe wallowed in red, the US markets weren’t immune to the negative atmosphere that washed over the global indices like a plague of Greek locusts. However, the super-charged performance by the euro-dollar helped the Dow Jones mitigate its losses as the euro strived to regain its Sunday losses. It will be interesting to see how much sway the Greek situation holds over the US markets in a week that contains the latest, and Fed-relevant, non-farm figures.
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