Greece Misses IMF Repayment Deadline, European Markets Rally Slightly as Next Steps are Weighed
July 1, 2015 5:41 am
Asian and U.S. stocks gained surprising ground after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default on its loan from the IMF. The Nikkei share average rose 0.5% to close at 20,329.32, the Dow rose 23 points to close at 17619 and the S&P500 closed 5 points higher at 2063. The Shanghai Composite, however, saw another rocky session, closing down by more than 5%.
Greece subsequently missed the IMF repayment deadline late last night, whilst major European markets appear to be taking a breather to wait and see what happens next; the DAX is currently up by around 0.83% at 11,039.95 while the FTSE is up by nearly 0.6% at 6,559.05.
The Common Currency pulled back 0.2% to $1.1128, having endured a 0.8% drop on Tuesday. It has been trading in a range between $1.0955 and $1.1279 this week in reaction to developments in Greece. Against the Yen, the Dollar stood at 122.51, near a five-week low of 121.93 plumbed overnight. The Australian Dollar was treading water at $0.7720, up slightly on the day.
In commodities, oil dropped off after gaining ground strongly on Tuesday to end the second quarter with impressive gains. Brent was quoted 65 cents lower at $62.94 a barrel, while U.S. crude slipped 84 cents to $58.64.
Within the equity space profits in the first half of the year at Serco were flat compared to the previous year but “a little better” than predicted, though management have not altered their expectations for the full year. A trading update from the FTSE 250 company indicated that, despite helpful currency movements, revenues will be down roughly 15% to not less than £1.7bn, with trading profits flat at not less than £45m. The stock is up 12% in early trade at 132.22p per share.
Asian and U.S. stocks gained surprising ground after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default on its loan from the IMF. The Nikkei share average rose 0.5% to close at 20,329.32, the Dow rose 23 points to close at 17619 and the S&P500 closed 5 points higher at 2063. The Shanghai Composite, however, saw another rocky session, closing down by more than 5%.
Greece subsequently missed the IMF repayment deadline late last night, whilst major European markets appear to be taking a breather to wait and see what happens next; the DAX is currently up by around 0.83% at 11,039.95 while the FTSE is up by nearly 0.6% at 6,559.05.
The Common Currency pulled back 0.2% to $1.1128, having endured a 0.8% drop on Tuesday. It has been trading in a range between $1.0955 and $1.1279 this week in reaction to developments in Greece. Against the Yen, the Dollar stood at 122.51, near a five-week low of 121.93 plumbed overnight. The Australian Dollar was treading water at $0.7720, up slightly on the day.
In commodities, oil dropped off after gaining ground strongly on Tuesday to end the second quarter with impressive gains. Brent was quoted 65 cents lower at $62.94 a barrel, while U.S. crude slipped 84 cents to $58.64.
Within the equity space profits in the first half of the year at Serco were flat compared to the previous year but “a little better” than predicted, though management have not altered their expectations for the full year. A trading update from the FTSE 250 company indicated that, despite helpful currency movements, revenues will be down roughly 15% to not less than £1.7bn, with trading profits flat at not less than £45m. The stock is up 12% in early trade at 132.22p per share.
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