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In London, the mining sector is leading the FTSE higher. Natural resource stocks have been in a slump lately after copper hit a 44-month low, and traders are not particularly confident in the mining sector. This is therefore merely a relief rally, and further cracks in the Chinese credit market could send the miners lower.
RBS in trouble
Royal Bank of Scotland is in trouble yet again; the bailed-out bank could face a raft of lawsuits over the mis-selling of interest rate swaps. If it is anything like the PPI scandal, it could be a never-ending lawsuit.
We have seen further interest in Ablibaba; IG clients are predicting the Chinese e-commerce giant will have a market capitalisation of over $250 billion. When it comes to the Just Eat IPO, traders are still peckish; our clients are indicating it will be valued at £1.2 billion.
US markets pull back losses
In the US, the Dow Jones is up 109 points at 16,440 after Fitch Ratings raised its outlook for the US. The market was already pulling back the losses sustained from Janet Yellen's comments on Wednesday, and the confirmation of a AAA rating was the icing on the cake. Its seems like an eternity since governments were being stripped of their top-notch ratings and stimulus packages were in full swing; now there are even hints of interest rate increases.
Traders cautious over copper
Copper is higher due to short-covering. The red metal has had a double-digit drop since the start of the year and traders are still cautious about going long.
Aussie tests $0.91 mark
The Australian dollar has tested the $0.91 mark as traders recoup their losses following the Federal Reserves remarks during the week.