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Greece blinks

Published Tuesday, April 28th, 2015

The new week began with a very slow news day, excepting the dreadful earthquake in Nepal where reports are of a death toll reaching 10,000. There was a minor earthquake of sorts with the side-lining of the Greek finance minister Yanis Varoufakis from the eurozone negotiations after they ended in acrimony on Friday.

Mr Varoufakis seems to have delighted in his bad boy image tweeting, after the abortive Riga meeting, the FDR quote of 1936 “they are unanimous in their hate for me and I welcome their hatred”. The “they” are eurozone finance ministers. He is still finance minister but no longer heading negotiations. The Greek stock market rose 4.4% and July 2017 bond yields fell 4% on the basis that the chances of a default being averted have increased.

Oil prices went nowhere moving in a range of not much over $1 bbl. At the close Brent was down 45 cts/bbl at $64.83/bbl and WTI down 16cts/bbl at $56.99/bbl. The Saudi deputy oil minister described the condition of the oil market as “excellent” by which he presumably meant demand was good rather than prices. Speaking in Beijing his boss Ali al-Naimi pledged to supply whatever is required to meet Asian demand suggesting that the OPEC quota limit of 30 mbpd is no impediment to Saudi producing whatever it is minded to.

to read the rest of the report, please click here

Posted by David Hufton