Spreadex Market Update
FTSE to finish in the red
Banking stocks saw gains after heavy falls on Tuesday, but tobacco and pharmaceuticals added the most points to the index as investors remain wary of taking on too much risk while the Cypriot situation is still developing. There is optimism that a fresh bailout deal for Cyprus will be struck.
The European Central Bank is likely to delay a decision on whether to continue to supply Cypriot banks with emergency funds as it awaits clarity on the nation’s bailout, two people familiar with the deliberations said. The delay gives the Cypriot government and euro-area finance ministers five more days to forge a deal to prevent the implosion of the island’s banking sector.
George Osborne has turned to the Bank of England to help spur the country’s stagnant growth after several major setbacks. After announcing a halving of this year’s growth forecast, that the central banks inflation target would remain at 2 percent and that growth this year is expected to be at 0.6 percent (revised from 2%), Osborne has been forced to admit that further assistance is required.
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