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Progress in euro zone talks on Greece, but no deal yet

Progress in euro zone talks on Greece, but no deal yet

Euro zone finance ministers made progress on Wednesday on ways to keep Greece afloat, Germany said, as talks between Athens and its foreign lenders near conclusion over reforms it must implement to receive fresh emergency loans.

German Finance Minister Wolfgang Schaeuble said that they expected to receive a crucial report from the so-called “troika” of international lenders on November 11 or 12, near the deadline, but insisted: “Time pressure cannot lead to irresponsible solutions.” He also included that ministers received more bad news earlier when Athens slashed its forecast for a budget surplus before debt servicing costs next year, dimming one of its few bright spots as rounds of austerity deepen a recession already into its fifth year.Greece’s lenders are not discussing at present another debt write-off, or “haircut”, Thomas Wieser, the coordinator of euro zone finance ministers said, but EU diplomats say other ways of stretching out official loans are on the table.

We had a disappointing UK Manufacturing PMI number, where the PMI  has fallen to  47.5 in October  from 48.1 in September ,indicating faster  contraction in manufacturing  sector .  However there is some positive news from the UK housing market.  U.K. home prices rose in October month after falling in September, but still the economy is too fragile and it will be early to say whether the turnaround will last, Nationwide Building Society  said Thursday. As monthly price changes have failed to establish a strong trend in either direction over the past six months.

On the FX market the sterling seems to be gaining against the euro as well as dollar.  GBPEUR currently trading at arrange of 1.2436 – 1.2495. The overall mood in global markets still remains cautious

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