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FX and commodities update: GBP/USD is down 52 pips at $1.5505, EUR/USD is down 33 pips at $1.3185 and USD/JPY is up 82 pips at Y98.36. Brent Crude oil is down 12 cents at $104.44, while gold is down $2.40 at $1380.
This morning in London: The FTSE 100 is down 11 points at 6400.
Latest news: Last week the markets spent most of their time testing the bulls’ resolve. The majority of movement was not created by volume of business, and it will be interesting to see if and when the buy-on-dip traders are tempted back in. This weekend’s statement from French president Francois Hollande, in which he said that the crisis in Europe is over, probably raises more questions about him than anything else.
Stocks: The consortium looking to buy Severn Trent has stated it will not be posting a fresh bid. BSkyB has finally retaliated to BT’s initial salvo in the price war by cutting its broadband prices. Punch Taverns has stated it expects to meet full-year targets and will also be looking at restructuring on the corporate side.
The day ahead: China has been enjoying a bank holiday today for the Dragon Boat festival. Today will be a relatively thin day of economic data, with pre-market French industrial production being better than expected, and the Italian equivalent due out at 9am (London time). All figures as at 8.30am (London time).