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Are we there yet? Pony asked Shrek. Are we there yet? Investors are asking. Yesterday all eyes were on the European Central Bank (ECB) as President Mario Draghi shrugged off any idea that a bubble is being created and reiterated that the QE program will continue to be an ongoing matter until target inflation figures are met. This was a meeting that Draghi won’t be forgetting for a long time due to a mishap as a protestor made her way to Draghi and showered him with papers and shouted eco dictatorship. President Draghi kept his cool and in his typical tone continued to proceed with the conference. Draghi’s comments were welcomed by the market and this helped the positive momentum we saw in equity markets yesterday. Perhaps this was not the main reason why the markets traded higher as the rally in the oil market helped fuel the markets to trade comfortably in the green.
On the subject of Oil, yesterday WTI and Brent climbed 5.82% and 5.87% respectively as the price is now off its lows. The main culprit for this rally was the fact that the latest Energy Information Administration data showed that last week crude supplies increased at the slowest pace since January and indicated a stronger demand. Oil markets are currently at the centre stage as they continue to fuel markets as investors continue to trade on the news of supply.
At the time of going to print, markets are trading lower as Greece continues to be in the news for the wrong reasons. Yesterday rating agency Standard & Poor’s downgraded the nation’s outlook to negative as the agency argued that without deep economic reform or further relief Greece won’t be in a position to service its debt obligations. On the other hand during yesterdays’ ECB conference President Draghi was asked numerous questions about Greece to which he replied that he is not even ready to contemplate a default. The saga continues.
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