Spreadex Market Update
Global markets traded tentativley
However, optimism was hampered by news that Euro policy officials are contemplating extending Greece’s time to meet its bailout targets as reports showed Greece may have to default on another portion of its debt.
Furthermore, the uncertainty surrounding the financial consequences for the US economy due to the recent bad weather are also unhinging sentiment.
Thus, now that the US markets are back to business as usual, albeit with lower volumes, investors can shift their focus back to the Eurozone crisis which continues to rear its ugly head.
Data released today showed that unemployment in the Eurozone has risen to a new high at 11.6 %.
Furthermore, recent surveys have also shown that firms are reluctant to hire which implies Eurozone unemployment is unlikely to have peaked yet.
As a result, investors have today been reminded that the Eurozone debt crisis is still wreaking havoc on the global economy.
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