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This morning in London: The FTSE 100 is currently up 20 points at 6186.
FX and commodities: GBP/USD is down four pips at $1.5309, EUR/USD is up eight pips at $1.3020 and USD/JPY is up 57 pips at Y98.30. Oil - Brent Crude is up 20 cents at $95.69 and gold is up $7.80 at $1237.
Latest news: Once again global equity markets were given a boost by bad US GDP figures, and also by the ECB trying to drum up stimulus packages from the independent countries in the EU. This reverse mentality can’t last for ever, and ultimately equity markets will have to learn to stand on their own two feet. Until this happens volumes will remain low and volatility high.
Stocks: Spain is once again the source of troubles for International Consolidated Airlines, although this time the cause is not Iberia but Bankia, a Spanish bank that has been forced into selling its 12.1% holding in the company in order to raise funds. Debenhams continues to paint a disappointing picture for the UK high streets with weak sales figures. With a constant flow of negative news, and a further £11.5 billion of government spending being cut, it is no wonder the country is turning to drink. Greene King has seen final profits up 6.6% and reports a strong start to 2013.
The day ahead: UK final GDP and current account is due at 9.30am, followed at 1.30pm by US unemployment claims and personal spending/income, and later in the afternoon, at 3pm, monthly pending home sales. All figures as at 8.30am (London time).