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Green shoots over Greece – don’t be fooled!

Published Wednesday, February 11th, 2015

Risk appetite staged an unlikely rebound amidst ongoing turmoil in Ukraine as rumours spread that Greece’s leaders were toning down their hitherto anti-bailout narrative and were working towards a compromise with their creditors. The European Commission did dampen hopes of a potential deal ahead of today’s meeting between Greece and eurozone finance ministers after claiming that an agreement was unlikely to be struck this week. However, investor optimism was unruffled and Greek assets and the broader region’s stock indices duly recovered from Monday’s significant losses.

Tensions surrounding the Ukrainian crisis flared on the eve of a summit in which leaders from Russia, France, Germany and Ukraine will make another attempt to secure a ceasefire. A rocket attack deep inside Kiev-controlled territory left more than 10 civilians and soldiers dead and dented hopes that upcoming peace talks would produce a new truce. Another cause of concern came from the US where an index of small-business optimism slipped in January while wholesale inventories recorded a measly 0.1% increase in December last year. Nevertheless, these anxieties were overcome by the improving prospects regarding Greece’s debt negotiations and US equities tracked their European counterparts higher.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.