Spreadex Market Update
Greek default looming as second quarter comes to a close
This is the day the entirety of June has been building to, and whilst Alexis Tsipras’ decision to hold a referendum has shifted much of the focus to Sunday, in the history books about this saga today will get a solid mention. After Juncker’s plea for the Greek people to vote ‘yes’ on Monday afternoon Tsipras took to TV last night to ask his public to vote ‘no’, with rallies across the country suggesting there is plenty of support for the beleaguered PM’s decision. Yet the insistence on the part of key figures in the region that the referendum isn’t just on a deal, but effectively on Greece’s membership in the Eurozone, changes the tone of the referendum, and makes it a much trickier proposition for the Greek people.
Understandably the Eurozone indices have continued to dip further into the red following yesterday’s calamitous day of trading, as investors await the outcome of this historical moment. Some mild distraction will come in the form of the region’s flash inflation data alongside the unemployment rate; however, these figures will be a mere amuse-bouche to the meaty main course of Greece’s looming default, and the IMF’s subsequent reaction.
The FTSE similarly maintained its fall this morning, even if at a much reduced pace, as the Greek situation continues to dominate. However, the UK has some important figures to be released, in the shape of the latest current account data (which has underperformed expectations for the last 6 quarters) alongside its final GDP figure for Q1, which is expected to rise from 0.3% to 0.4%. Yet there is only one news story of note today, so it will take some pretty spectacular numbers for the UK index to really take note of its headline data.
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