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The reopening of Greek banks has lifted investor confidence, but European stock markets have been slowly giving back their gains in the afternoon session. Greece has taken a step in the right direction by opening the doors to its banks, but all is not well, as capital control controls remain strict. Greece has paid July’s instalment to the IMF but that’s done little to reassure investors. The focus is now on next month’s repayments to creditors. The Greek debt saga has been on repeat for five years, so traders have learned what to expect, and they suspect this current calm between the storms won’t last long.
The London market is underperforming when you look at its eurozone equivalents, and that is down to a disappointing day for commodity related companies. Gold is going through the floor, and not even the brave will try and catch it as the Federal Reserve could be a couple of months away from an interest rate rise.
The US market is broadly unchanged and now dealers are focusing on earnings season, the spotlight has been momentarily taken off Europe. Halliburton has held onto its gains after the oil field services giant easily exceeded the exceptionally low analyst estimates. The company is still waiting for the green light from the regulators to complete the Baker Hughes deal, and with the price of oil stubbornly low it is difficult to see further upside to Halliburton’s share price.