Spreadex Market Update
Asian stocks positive
Uncertainty throughout yesterday continued as the Obama administration and House Republicans tackled the fiscal cliff.
House speaking John Boehner mentioned there has been “no substantive progress” in negotiations calling the Democrats to “get serious” to avoid the automatic spending cuts and tax increases set to begin in January.
Figures from Royal Bank of Scotland and Lloyds yesterday showed lending slumped by £117billion in less than three years in the UK. Banks have been under constant pressure to boost lending to small business and households in an effort to kick-start the economy.
A bulk of data from the European Union and America may momentarily move focus away from fiscal cliff talks with the European unemployment rate scheduled to remain unchanged at 11.7%. US consumer spending figures due at 1330 GMT will be at focus as investors try to gauge the health of the world’s largest economy.
Britain FTSE 100 index is set to open 5 points lower as continued uncertainty in America plays on investors’ minds.
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