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Not too long ago traders were sick of hearing about Greece, but now they look back on the frenzied activity of those weeks with a wistful sigh. Next month Greece will have to stump up a few billion to keep its creditors sweet, but until then it looks to be all quiet on the Greek front.
Heavy losses in commodities continue to be a burden on the FTSE’s mining contingent, although this morning the usual brave bargain hunters are in evidence.
In general indices have struggled to make much headway in recent days; the Greek-related euphoria has faded, and while US earnings season has had some pleasant surprises, it is only now that the flow of updates turns into a torrent.
Shares in Royal Mail are drifting lower after the company issued an update which bore a stamp reading ‘business as usual’. The stock is fractionally lower today, but with the Ofcom review hanging above the firm it is not hard to see why investors have been none too keen to chase a rally that has seen the shares gain 18% since January.
We are expecting the Dow Jones to open 25 points lower, at 18,075, as the futures market is following Europe lower. US reporting season has got off to a strong start, but then again expectations were low going into it.