Greece parliamentary approval far from certain

Greece appears to be led by someone who doesn’t think anyone should be following him. 

A Greece flag
Source: Bloomberg

Almost nothing has been straightforward in this Greek drama, but Mr Tsipras’ admission that he signed a text he doesn’t believe in is sure to rile locals fresh from a referendum that categorically voted against any such action. Throw into the mix the leaked memo from the IMF stating that Greek debt can only be sustained with far greater relief measures than Europe is willing to consider and you have the perfect ingredients for chaos and confusion. Regardless of how the voting goes in the Greek parliament, it’s humanitarian relief that the country will need imminently. 

Despite all the extreme measures implemented by the Chinese authorities, the Shenzhen has sold off in overnight trading demonstrating that it might be more of a free market than the authorities had initially assumed. The lack of support garnered from the slightly better-than-expected GDP figures either demonstrates an ongoing scepticism over figures correlated by China, or a greater fear of what equity markets could do if restrictions are fully lifted.

Although UK unemployment levels have crept a shade higher it still remains the envy of Europe, but coupled with slipping average earnings this makes a mockery of the BoE governor Mark Carney’s charade on Tuesday that interest rate rises are coming. 

Now that European regulators have cleared the runway, IAG head Willie Walsh will be weighing up what action to take first with the new Aer Lingus wing of the business. It’s worth remembering he masterminded a stiff round of layoffs and restructuring before he left the Irish national carrier in 2005.

Halfords continues to benefit from Britain’s renewed love of cycling, but judging by the reported 24% increase in cycle repairs, the Chancellor’s new revenue-raising tactics to repair Britain’s roads can’t come soon enough.  

The US reporting season continues today, but specific attention should be given to Netflix with a combination of the release of its second quarter figures and the activation of its seven-for-one stock split we’re sure to see fireworks in this afternoon’s trading session.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.