Stewart Richardson, chief investment officer at RMG Wealth Management, has highlighted the factors that could undo any expected year-end rally in equities.
Spain will be granted an extra year to reach its budget deficit target of 3%, a decision which should be confirmed officially tomorrow.
Mariano Rajoy, Spain’s new prime minister, has confirmed the key policies to be implemented by his government to deal with the country’s economic and social crisis.
The International Monetary Fund (IMF) has completed its fifth review of Greece’s economic performance and approved the immediate disbursement of SDR1.9bn (about €2.2bn) in financial aid. This brings total IMF financing under a stand-by programme for Greece to about €20.3bn.
Fitch Ratings has downgraded Portugal’s long term foreign and local currency issuer ratings to ‘BB+’ from ‘BBB-‘ and short-term rating to ‘B’ from ‘F3’ with a negative outlook.
The European Commission has urged Spain and other EU member states facing market pressures to press ahead with reforms to ensure they meet their fiscal targets and can overcome the crisis, according to Spanish press reports.