Spreadex Market Update
Markets open tentatively
Tentative, could be a term used to describe the opening of European markets this morning as Friday’s surge following the German Chancellor and French Presidents pledge to protect the Euro began to lose steam.
Once again, markets are continuing to brush aside crippling debt levels from Spain and Italy as well as having one Eurozone constituent, Greece, poised for another default on private bond holders and instead pouncing on any optimistic statements by policy makers.
Home constructions firms were generally down within the FTSE 100 this morning as data released today showed house prices within the UK for July fell for the first time in seven months, including London where rising house prices often compensate for overall declines in prices across the country.
Research has shown that falling wages and bonuses are having a knock-on-effect towards the property slowdown.
The markets will have their eyes on the highly anticipated Italian 10-year bond auction due later today.
A badly received auction would do well to remind traders that optimistic remarks from policy makers alone will not be enough to save another faltering Eurozone country.
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