Spreadex Market Update
S&P 500 completes longest streak of weekly gains since Jan 2011
FTSE 100 shares have risen throughout the day led by gains in Standard Charter after Morgan Stanley upgraded its recommendation of the share. Since breaking through the 6,200 level towards the end of January, the FTSE 100 has been trading in a 200-point range for three weeks. Following Germany’s very strong ZEW survey it would be surprising if the recent gains seen quickly disappear.
Lloyds Banking Group have been fined 4.3 million pounds by the FSA after they were deemed to be too slow in paying back compensation to those wrongly sold PPI. The FSA said that from May 2011 to March 2012, Lloyds did not pay compensation to 140,000 customers. Britain's banks have set aside more than 12 billion pounds to compensate customers wrongly sold policies
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