Markets quiet as US enjoys Thanksgiving

Heading into the close the FTSE 100 is up 10 points, with the market set to close around the 6660 level. 

Equity markets flat

Thanks to Thanksgiving, the equity markets are as dead as the turkeys. Traders in the UK are sitting on their hands and embracing the start of silly season, while across the pond investors are loosening belts and digesting festive feasts. 

Rio Tinto has rallied after revealing a plan to half the costs at its latest iron ore operation. The decline in metal prices has forced mineral extractors to be more prudent when it comes to overheads. 

UK homebuilders have had their share prices shaken to the foundations after the Bank of England stated it will adjust the Funding for Lending scheme to sidestep a housing bubble.

Chinese New Year boosts gold

Gold is in the black, as Chinese imports for the precious metal are high in the run up to the Chinese New Year in January. As the metal is heading towards it first annual loss in 12 years, the low price may attract additional buyers.

Italian government boosts euro

The drop in Italian government bond yields has lifted the euro. The days of soaring bond yields and fears of an Armageddon-style ending of the eurozone appear to have been consigned to the history books.

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