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Trading activity picked up in London this morning after yesterday’s storm turned the City into a ghost town. Equities opened higher, as traders know full well that the Federal Reserve will not be tapering its bond-buying scheme any time soon, thanks to the partial shutdown at the start of the month. Any change to US monetary policy this side of Christmas will come as an unpleasant surprise to traders.
Lloyds Banking Group is still being haunted by the PPI scandal. The stock is trading 5p higher than the government's 73p breakeven price, but traders are still hesitant to buy into the bank, as it has put another £750 million aside for PPI compensation.
Meanwhile, Standard Chartered is offside this morning, as the emerging-market-focused bank revealed a small decline in third-quarter revenue.