Spreadex Market Update
FTSE relatively flat
Equities across the globe are going through a risk off phase under pressure from fears that Greece may fail to reach a debt restructuring agreement with its private bondholders to reduce its debt pile by 100 billion euros and if no deal is in place by Thursday Greece could miss out on the second tranche of the 130 billion euro bailout and go in to bankruptcy.
Stocks fell sharply in the US on Tuesday with the Dow closing at 12,759.15, the largest decline since November. It was only last week that we saw the Dow closing above the 13,000 mark for the first time since May 2008, however it appears that traders have started to take note of the problems still apparent and have started to get nervous of the gradual rally we have seen over the past couple of months without a pullback of any real magnitude.
In terms of data today we have a fairly quiet day with German factory orders at 11am GMT. The ADP nonfarm employment change, a good predictor of the government’s non-farm payroll report, will be the main highlight at 1:15pm GMT. Market expectations are for the report to show a 215,000 increase in February.
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