Spreadex Market Update
European indicies flat
The news has now, along with US data out on Friday showing non-farm payrolls increased by much less than expected, increased the likelihood that Central Banks will step in and ease monetary policy to support the slowing economy, thus pushing FTSE mining stocks up.
In other new BP has agreed to sell some of its oil fields in the Gulf of Mexico to Plains Exploration & Production Co for roughly $5.5 billion as they look to dispose of $38 billion in assets by the end of 2013 in order to cover the costs for damages from the 2010 oil spill, which it was revealed could lead to nearly $21 billion in civil damages after the US Justice Department accused the company of gross negligence and wilful misconduct over the spill.
The disposal takes BP’s total disposals to more than $32 billion since the spillage.
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