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This morning in London: The FTSE 100 is currently down 22 points at 6611.
FX and commodities: GBP/USD is up six pips at $1.5231, EUR/USD is up 15 pips at $1.3123 and USD/JPY is down 13 pips at Y100.27. Oil - Brent Crude is down 16 cents at $108.54 and gold is up $5 at $1289.
Latest news: Originally we had expected to spend most of today talking about Fed Chairman Ben Bernanke’s speech yesterday, however the announcement that Detroit is effectively bankrupt has superseded everything. With the recovery in America having gone on for so long, it was thought that most companies (and states) had seen the worst of it. Last night’s revelations will draw fresh questions about the fiscal condition of a number of other US states.
Stocks: Vodafone, fresh from hearing Verizon’s figures last night, has posted its own this morning. One of Barclays’ saviours, who lent money to the bank and therefore prevented it from having to go to the government, an Abu Dhabi sheikh, has sold his £3.5 billion stake.
The day ahead: UK public sector net borrowing is out at 9.30am, and we are also likely to hear sound bites coming from the latest G20 meeting, this time being held in Moscow, during the day. All figures as at 8.30am (London time).