Following on from yesterday…
Following on from yesterday, looking at more of the action around the Greek woes and what reaction and plans have been made by other European nations, we saw an emergency meeting between the Greek Finance Minister and the other Finance Ministers from the Euro area in Brussels.
There had been some investor optimism that there could have been an agreement on terms with the other members of the region and the market was poised, particularly in European stocks, to hold on to this hope. However, the German Finance Minister played down these hopes in saying there are no plans to discuss a new agreement – which seems a bit odd to me. Meeting. Emergency. Agreement necessary – ‘Nope, we’re not here to discuss that’? Hmmm.
The German approach would need to ease off a little for the Greeks to achieve the 10 billion Euros necessary to bridge their debt and keep the creditors wolves at bay, but so far this has been pretty unwavering.
Yesterday the UK’s GDP estimate came across a little higher than expected, so I’m sure we will hear all about that come election time. The UK’s Industrial Production was lower – this is looking at UK factories and mines – and the UK’s Manufacturing Production was higher so a mixed bag for us and we have seen this give an overall slight bid to GBP vs USD and EUR.
Today is a pretty light data day and the only releases of any note are another meeting for the Eurogroup, a UK Bond Auction which would be interesting to see how this tracks from any risk element spill over impact of the current European troubles and we also have US Mortgage Applications out.
Good luck out there.