Greece is in traders’ good books for once after the indebted nation stated it would make good on the repayment to the International Monetary Fund, due on Thursday. Greece’s relationship with Germany is far from friendly, but the commitment to repaying its loans has helped equity markets in Europe.
Alexis Tsipras is meeting with Vladimir Putin today, and the European leaders are keeping a close eye on the event as they feel Greece is trying to open up a credit line from Moscow should the European Central Bank try and put pressure on Athens again.
Shares in Ryanair have gained over 1% on the back of impressive passenger numbers for the month of March. The low-cost airline revealed a 28% jump in passenger figures last month, and the company’s new ‘nice guy of the sky’ image is paying off. The crucial decision to improve its customer relations is clearly working, and now that clients are happy so are the shareholders.
Rio Tinto has bought back more shares than originally expected, and I suspect the mining company is keeping shareholders onside since Glencore is now able to make another offer for the firm. Consolidation has been a common theme in the mining industry and with the door still open for Glencore to propose another offer, Rio Tinto will have its guard up.
The US equity market has held onto the gains from the softer-than-expected non-farm payrolls report, and the likelihood of a US rate rise is being pushed back further.