Equities start the week on a solid footing

The FTSE 100 has a solid look about it having added 38 points in the first day of trading this week. 

City of London skyline
Source: Bloomberg

Markets appear to have gotten over the disappointment from the tail end of last week, when the Fed felt unable to raise interest rates. Meanwhile, the Asian markets' positive over night session was nothing to write home about but it set the tone for Europe, which subsequently handed the baton on to US traders as global equities have started the week positively.

The weekend gone saw strongly sourced press speculation claiming Standard Chartered continued to flout US regulators’ rules about business transactions in Iran. This will no doubt gain the attention of US regulators sooner or later, and looks set to ensure that the British bank adds to the $1 billion it has already had to pay in fines since 2007.

German car manufacturer Volkswagen has seen its shares tumble by 13% today as rumours it had been manipulating US emission figures were proven correct. Regardless of the reputational damage this will do to it, the likely regulatory bill will be measured in the billions.

Asset stripping, with the sale of Proquote from the London Stock Exchange’s stable of products, has helped the exchange to the top of the FTSE.

A sense of déjà vu hit traders as they came back to their desks this morning, as the newly elected Greek government had an awfully familiar look about it. Considering this new coalition is being spearheaded by Alexis Tsipras, volatility traders will no doubt be hoping that a re-appearance of Yanis Varoufakis is on the cards as Europe has been noticeably more tranquil since his departure.  

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