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The FTSE is following the Asian markets higher and briefly touched the 6600 level after the People’s Bank of China added liquidity to the interbank market, as concerns about a credit crunch have been circulating. The rapid growth of the Asian powerhouse isn’t what it used to be and a number of economists are worried the country is relying too heavily on cheap credit. This monetary intervention will buy Beijing some time for now at least.
Reporting season is in full swing as first major British bank Barclays reports its figures. The London-headquartered financial house revealed a slump in profits as the mis-selling of PPI continues to haunt them. BP is another company that can’t seem to get shot of the past; the oil giant has increased its estimate for the compensation claims from the Gulf of Mexico disaster by $1.4 billion.
US index futures are a touch higher this morning. We are expecting the Dow to open at 15,550, up 30 points. Traders will remain cautious ahead of the two-day US Federal Reserve meeting which begins tonight (London time).