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The issue of tapering has been doing the rounds since May, when the Fed stated that it could happen in September, and as we draw closer to the end of August investors are booking profits in case it happens sooner than anticipated.
UK retail sales increased by 1.1% in July compared with June, the sharpest rise in over two years. Now that the Bank of England has pegged its monetary policy to the unemployment rate, dealers are viewing positive news for the UK economy as a negative for the equity market.
In the US, we are expecting the Dow Jones to open 100 points lower at 15,237, after US jobless claims fuelled tapering fears, falling by 13,000 to their lowest level since October 2007.