Greek pro-bailout win outweighed by Spanish borrowing costs spike

<p>US markets closed on a mixed note yesterday with the FTSE 100 gaining 0.2 % and wall street erasing 0.2%. A win of pro-bailout parties […]</p>

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  • US markets closed on a mixed note yesterday with the FTSE 100 gaining 0.2 % and wall street erasing 0.2%.
  • A win of pro-bailout parties in Greece was outweighed by a spike in the Spanish borrowing costs which hit a euro-era record high.
  • Uncertainty has continued into this morning session as world leaders who meet in Mexico for a G20 summit urge Europe to take all necessary measures to overcome the eurozone debt crisis.
  • UK Consumer Price Inflation has come in less than forecast in May at 2.8% vs expectations of 3%. This has fuelled speculation of further stimulus from the bank of England and pushed the FTSE 100 up 50 Points to around 5535.
  • Figures show this morning that German Investor confidence has declined the most since October 2008. However The Dax is currently showing gains of +22 at 6270 and the French CAC is flat at around 3070.
  • A busy morning so far however we are not expecting any further economic data but will be monitoring reports from the G20 and developments in Greece.
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