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There still remains the tricky issue of the Greek parliament approving this proposal, which was by and large rejected in a national referendum less than a week ago. Assuming that the Greeks can all agree with themselves we would then need to see the creditors approve this proposal over the weekend. Of course the more cynical market observer will be asking themselves how reliable a Greek promise is anyway.
Once again given the importance of the bailout decision, equity traders will find their weekend of summer sporting fixtures encroached upon as they keep a weather eye on IG’s Sunday markets for an early indication of how regular Monday trading is likely to pan out.
Faced with its own financial crisis, China has continued employing the novel tactic of threatening jail time to those who sell equities with the unsurprising result that Shenzhen rose again in Friday trading. The measures being implemented in China increasingly smack of desperation and when the markets do become free to trade the stampede for the exit might be even more aggressive than the sell off this summer has already seen.
The advice from the Foreign Office surrounding travel to Tunisia has dealt another blow to the tourism industry. Although its exposure to North Africa is relatively small, the negative sentiment this will give to those considering booking up a late summer break will no doubt dent sales.
Ryanair has buckled and decided to sell its 29.8% stake in Aer Lingus to IAG. Considering that the Irish government decided to sell its stake in May this now only leaves the European Union to rubber stamp the deal. Unions may be left feeling a little more nervous on the news as the deal would bring Willie Walsh back into the corporate cockpit at the former national carrier, which he left in 2005 after an extensive round of layoffs and restructuring.
UK house builders might start feeling a little more loved than they were after this week’s budget, from which they were noticeably excluded, on the back of today’s review of the housing shortage with the news that some development and building rules are to be relaxed.