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Markets Quiet Ahead Of Eurogroup Summit; US On Holiday
zerohedge.com / by Tyler Durden / 02/16/2015 07:09 -0500
It has been a quiet start to the week, with US equity futures and European stocks mostly unchanged with all eyes on what progress (if any) will be made between Greece and the Eurogroup, where the press conference is scheduled for 7:00 pm GMT (expect significant delays) in what is otherwise expected to be a relatively subdued day with the US away from market and a light macroeconomic calendar.
In terms of the latest commentary from Greece, today and the weekend has seen relatively mixed messages with the Greek Finance Minister Varoufakis saying he believes they will reach a mutual agreement at today’s Eurogroup meeting despite the FT reporting weekend talks revealed the two sides are further apart than expected.
Furthermore, German press has reported Troika may accept Greek demand for a new aid program and no longer insistent on an extension of current bailout. Nonetheless, the cautious footing has seen the GR/GE 3yr spread widen by a hefty 127bps in early trade. Elsewhere in fixed income markets, Gilts are notably lower following dovish rhetoric over the weekend from BoE’s Weale and Broadbent with Weale suggesting a rate rise could start sooner than markets are currently expecting.
Asian equity markets traded higher bolstered by a strong Wall Street close on Friday which saw the S&P 500 finish at a fresh record high and the NASDAQ 100 at a 15yr high. Nikkei 225 (+0.5%) touched its highest level since Jul’07, further underpinned by Japanese Q4 GDP (SA Q/Q 0.6% vs. Exp. 0.9%), which showed the country exit recession, despite missing analyst forecasts. Hang Seng (+0.18%) rose while the Shanghai Comp (+0.58%) fluctuated between gains and losses, amid reports Shanghai Exchange margin trading fell by the most in 3yrs. JGBs tumbled sending the 10yr yield to its highest level since the 25th November, as participants remain wary ahead of tomorrow’s 20yr JGB auction.
The post Markets Quiet Ahead Of Eurogroup Summit; US On Holiday appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/02/16/markets-quiet-ahead-of-eurogroup-summit-us-on-holiday/
