Investment Markets Overview — W/E 20th February 2015

It went right to the wire but Greece and the other Euro-Zone Nations struck a provisional deal to extend financial aid to Greece for a further four months rather than the six months requested by Greece and provides a breathing space for the new Greek government to negotiate longer-term debt relief with its EU creditors. In exchange for the extension Greece has to submit an initial list of reform measures by Monday. As always the devil is in the detail and whilst the text of the agreement allows Greece to lower previously agreed targets on reaching a budget surplus and avoids immediate tax increases and pension cuts, thus potentially freeing up some cash to meet some of Prime Minister Alexis Tsipras’s election pledges, the list of reforms are subject to acceptance by the IMF, the ECB and the European Commission, the institutions collectively known as the troika, from which Tsipras vowed to break free. Even then the deal will be put to national parliaments next week after the Finance ministers hold a conference call on Tuesday to discuss the reform measures submitted.Uncerntainty is set to continue.

20 Feb 2015 Blog 2

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Three of the world’s more important central banks were on parade this week, in respect of ……

Charts:
1. Indices Weekly
2. US Single  V Multi-Family Home Starts
3. UK Unemployment V UK Ave Wages
4. Japanese Yen V Japn GDP
5.Commodity YTD  Moves

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