Spreadex Market Update
FTSE veers negative
Following a closer than expected vote on QE in June the question is no longer if but by how much the Bank of England and Monetary Policy Committee will decide to inject in to the economy this time round after the UK’s latest bout of poor figures, with many looking for an increase of £50 billion on the current £325 billion pot.
Banks, unsurprisingly, are some of the biggest fallers this morning as the fear of punishment for other banks involved in the LIBOR setting scandal spreads, with more defensive stocks such as Glaxo Smith-Kline, Vodafone and British American Tobacco finding themselves on the other side of the spectrum as a risk-off day takes hold and investors look for somewhere safer to put their money.
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