Spreadex Market Update
FTSE led downwards
Britain’s government worryingly borrowed more than was expected in December as the economy continued to struggle. This has put a large dent in government hopes to reduce the budget deficit and throws doubt on Britain maintaining its prized AAA rating. Public sector net borrowing rose to 15.419Bn from 14.848Bn which slightly above the 15.2Bn forecast.
Vodafone has seen a large amount of interest surrounding the stock with the company also knocking off around 3 points from the blue chip index. This is a consequence of joint venture partner posting a fourth quarter loss. Traders also attributed Vodafone's decline to a price target cut by Jefferies International.
Anticipation surrounds the 3:00pm release of the U.S. existing home sales, with the U.S. stock-index futures fluctuated between gains and losses. A report at 10 a.m. in Washington may show existing home sales rose. Purchases climbed to a 5.1 million annual rate last month, from 5.04 million in November.
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