Spreadex Market Update
Sleepy Friday awaits Greek news and US GDP
The UK index has little in the way of its own data this Friday, so unfortunately will be reliant on the volatile situations in both the Eurozone and the US, as well as the fortunes of its so-far falling commodity stocks.
After to slipping to more losses at yesterday’s close, the Eurozone indices failed to break this trend on Friday morning despite better than expected German retails sales and improved Spanish inflation data. With Greece tabling Sunday as its target date for a deal, there continues to be a significant lack of harmony between both sides; Christine Lagarde spoke about a potential Grexit last night, stating that whilst it wouldn’t be easy, the euro would likely survive that stormy road. These aren’t the kind of comments Greece will want to hear; talk of a Grexit shows that, for those in a position of power, it is still a very real eventuality, one made even worse for Greece due to the quiet confidence that in such an eventuality the single-currency region would emerge bruised, battered but, in most important ways, intact.
The US markets will have to undergo their latest volatility-inducing marquee figure this afternoon with the arrival of the revised first quarter GDP data. The initial figure came in at a truly dismal 0.2%, yet analysts have an inkling that it could fall even lower; bad for the dollar, potentially good for the Dow, and an interesting complication for the Fed. Despite Yellen sparking significant talk of a September rate hike this time last week, with the possibility of a negative inflation figure, alongside the continual issues in the job sector AND signs of increasing weakness in China, the doves in the Fed have a very convincing case to push any interest rate rise further down the road.
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