Spreadex Market Update

FTSE opens lower



The FTSE has opened lower yet again this morning, tracking losses in the US overnight as concerns over the much feared fiscal cliff ate away at sentiment on the other side of the Atlantic.

Banks including Barclays and Royal Bank of Scotland find themselves amongst the biggest fallers after downgrades from Liberum after the broker cited deteriorating euro-area growth as a reason for near-term upside being limited.

It’s a busy day of announcements today with the Claimant Count Rate and Unemployment Rate out at 9:30 and the Bank of England Inflation Report out at 10:30. Gilt prices have fallen slightly this morning in anticipation of Governor King speaking with questions on the fragile economy, the central bank’s independence and prospects of more QE all likely to be high on the agenda.

There is also no shortage of data coming from abroad today with European Industrial Production, US PPI, US Retail Sales, US Business Inventories and US Manufacturing Inventories also due to be released.

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