Traders in the UK have started in optimistic mood following a great sporting weekend, with the British and Irish Lions winning a series down under against Australia, and Andy Murray ending a 77-year wait for a British male winner of Wimbledon. This has gone some way to helping the FTSE jump 68 points in the first 30 minutes of trading.
The Eurogroup are meeting in Brussels to discuss, among other things, the latest €8.1 billion bailout package for Greece. With German elections looming it is unlikely that too much flexibility will be afforded to the embattled Greek population, as any sign of weakness will be counter-productive to Angela Merkel’s re-election hopes.
Once again Alcoa kicks off the US reporting season, with the mining and manufacturing company reporting its latest figures this afternoon. After traders have been so focused on the macro state of the global economy it will make a pleasant change to focus on company earnings, and having seen a slow, steady improvement in US economic data over the last six months, it will be interesting to see if earnings data reinforces this view.