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No respite in Greek stalemate

Published Wednesday, April 1st, 2015

The latest rebound in risk appetite fizzled out yesterday with global stocks paring most of Monday’s gains to end the quarter on a downbeat note as it became clear that there would be no Greek debt deal before the Easter holiday. An element of mistrust was once again present at the talks between Greece and its lenders with the latter remaining unconvinced by Athens’ proposed reforms. Despite both parties appearing optimistic of an eventual compromise, pressure on the embattled periphery member is set to tick higher in the coming weeks after recently indicating that it could face bankruptcy by the month-end.

The return of investor reticence bolstered demand for perceived havens as short-term Bund yields headed deeper into negative territory but came amid growing evidence of improving eurozone growth prospects. Retail sales in the bloc’s engine economy beat expectations as did jobs data with the German unemployment rate dipping to a fresh post-unification low of 6.4%. The common-currency area as a whole also registered a slight fall in the number of jobless while concerns of deflation were somewhat alleviated by encouraging inflation data showing that the decline in consumer prices eased to -0.1% in March compared with a -0.3% fall in February.

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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.