Russian proposal for Syria lifts FTSE

In mid-morning trading the FTSE 100 is up 50 points, as the tension over Syria eases.

The Syrian situation appears to be cooling off after Russia urged the Assad regime to place its chemical weapons under international control. President Obama has stated he is prepared to hold off air strikes while Assad mulls over the suggestion. Stocks rallied on the back of this, as investors don’t want another war on their hands, and this recommendation from the Russians could sidestep military intervention while saving face.

Mineral extractors are today’s top performers, as China continues to register solid economic data. Over the weekend Beijing revealed impressive trade figures, and last night’s retail sales and industrial production reports suggest the world’s second-largest economy is far from slowing down. Mining titan Glencore Xstrata is up 3.5% after the Swiss-based commodity trader upped its savings target of $2 billion next year: synergy has been a positive side-effect of its marriage.

In the US, we are expecting the Dow to open 50 points higher at 15,113, as the White House is a touch less trigger-happy today.

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