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Heading Into The Close, FTSE Claws Back Most Losses

ByIG
Published 11/13/2012, 10:41 PM
Updated 01/01/2017, 02:20 AM
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Heading into the close, the FTSE 100 has managed to claw back most of its losses, although it remains in the red thanks to fresh eurozone worries.

It appears we have a new tale to add to the great canon of Greek myth and legend. Despite all its problems and the bleak future that awaits, it seems Greece has managed to find some demand for its short-term debt. An auction today managed to raise €4 billion, more than expected, although it fell short of the €5 billion Athens needs to make itself fully secure for the time being. Even Hercules might have found this to be a trying task. In further good news, there were suggestions that Germany is looking to throw a bumper payout in Greece’s direction, which would at least buy time.

These two pieces of good news seem to have steadied the ship for now, with markets recovering lost ground, although the day's widespread pessimism has not abated yet. A new problem is the Catalonian referendum, which is scheduled for 25 November. Spain’s situation teeters on a knife-edge, as bond yields show, and while Greece might have bought itself more time that's a resource Spain seems to be running short of. It can't be long before Mariano Rajoy is forced to formally request help.

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