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JUNE 03, 2015 | BY Bill Reid
Financial & Housing Market Update (030615)

Oil has started to decline in price again as Iraq has joined the Middle East race to undercut the American shale oil. This can only be good news for long term growth.
US equities rose as better than forcast growth in manufacturing overshadowed data showing consumer spending has stalled. This is clearly having an impact on China and India, which inturn affects the rest of the World. India has reduced interest rates for the third time this year!
Greece is to make its first of three payments to the IMF on Friday. This is the smallest of three and it is thought Greece will manage it. I feel Greece will bargain for more EU bailout funds before they make the payment, without which they could not make the other two. If they can’t make the other two then why bother with Friday? They would be wise to hold onto their cash and pay their employees’ wages and pensions. All EU leaders will be burning the midnight oil this week. I have little sympathy, this is something that should have been resolved years ago. Greece’s total turnover is less than BP and yet the World economy is being held to ransom with Europe’s inability to deal with what really is a small problem with an obvious answer. Germany the greatest beneficiary from the Euro is going to have to put its hand in its pocket. They can procrastinate as much as they like, that is the final outcome, and the only question is when. Greece now has funding from Russia to build a EU2b gas link to Russia.
Russia has taken back the Crimea and would love to engage fully with Greece. There is more to play for in Greece than a few Euros. Politics and Power is entwined. If Europe doesn’t sort out Greece, Russia will.
On the home front we are seeing more viewings and taking on more properties. There is still a scarcity of property UK wide, viewers have little to choose from and often decide to stay where they are. The property market needs a kick start. First time buyers are always the key, hopefully the Government will show some input in the summer statement and perhaps Banks will be encouraged to lend. HSBC has just announced 2000 job losses, so they appear to be still looking inward at reducing costs rather than lending and generating profits.
Friday is going to be an interesting day, the impact from which we will all feel.
Have a good weekend
Bill Reid BEM BA NAEA  Dip PFS
Reid Estates

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