European markets are seemingly following commodity prices lower, with the FTSE 100 miners in particular dragging the index lower. Despite this, we are likely seeing a temporary blip in a resurgence story following the recent Greek crisis.
We are slowly becoming used to somewhat less volatile market conditions this week, with the Greek crisis beginning to fade as a pressing risk event. Today's bailout vote within the Greek parliament represents a minor hurdle within the steeplechase of negotiations Syriza has faced over recent months. Despite this, today's vote represents a possible bump in the road that must be passed to further soothe markets still bearing the scars of June's Greek-fuelled equities sell off.
Today's Bank of England rate decision surprised very few, with the committee opting to remain steady despite a growing feeling that the time to hike will be upon us soon. However, with the UK likely to move back into deflation next month due to falling crude prices, I think it unlikely we'll see anything this year, or even in early 2016.
Gold prices continued to tumble today, as the precious metal becomes increasingly tarnished in the eyes of investors. Typically seen as a haven in times of uncertainty, the underperformance in the face of a massive Greek crisis gave an inkling of what was to come, with Monday seeing the biggest daily loss since October 2013.
Traders will be keeping a keen eye out for the RBNZ rate decision overnight, with market expectations pointing towards a second consecutive rate cut following a four-year hiatus. Tumbling export prices, particularly for milk, in the face of falling Chinese demand means the economy could struggle for some time.
Apple shares fell following a somewhat disappointing earnings report. However, any weakness is likely to be short-term, with the firm representing the 'best in class' and thus the market leader is judged with a somewhat harsher standard. Ultimately with a new iPhone pending, coupled with massive growth opportunities in China and India, I am bullish about any dip in share price.
Lower fuel prices helped easyJet overcome French industrial action and the Rome airport fire which forced the cancellation of over 1300 flights in April. Gaining over 3.7% in today's session, it is clear that the firm's ability to perform under difficult conditions has boosted investor confidence at a time when expectations were low.