Stocks seek to erase week’s losses

Joshua Mahony MSTA Scope Markets

A Greek deal is helping European stocks outperform, amid a wider recovery in stocks globally. Meanwhile, we are seeing the pound push higher, after an expected dovish appearance from Mark Carney was cancelled.

Stocks surge, helped by Greek deal
Trends coming back into play for Nasdaq, Bitcoin and FX
GBP strength derived from Mansion House cancellation

European markets are leaving the selling behind them this morning, with a bullish start across the board. News of a new deal for Greece has certainly helped sentiment, which had been on the wane in a week where a hawkish FOMC and BoE provided a more bearish tilt. This Greek crisis seems to be a never ending story, and the fact is that much of the loans being structured are simply to pay off previous debt, highlighting the never-ending cycle that Greece finds itself in.

This week has seen a breather for many highly trending markets, with the Nasdaq and Bitcoin suffering, while the dollar managed to regain some ground. However, there is a good chance that we will see buyers come in once more for stocks and Bitcoin, while the dollar is now coming under pressure.

The pound is rising once more this morning, in the aftermath of yesterday’s surprise shift in the BoE voting patterns. With the cancellation of yesterday’s Mansion House appearance by Mark Carney, we have not heard what was expected to be a relatively dovish comment from the Governor and thus this sterling surge could last a little longer yet.

Ahead of the open we expect the Dow Jones to open 28 points higher, at 21,388.

Author

Joshua Mahony MSTA

Scope Markets

Joshua Mahony is Chief Markets Analyst at Scope Markets. Joshua has a particular focus on macro-economics and technical analysis, built up over his 11 years of experience as a market analyst across three brokers.

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