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FX and commodities update: GBP/USD is down four pips at $1.5701, EUR/USD is down 22 pips at $1.3323 and USD/JPY is up 82 pips at Y94.92. Brent Crude oil is up four cents at $105.99, while gold is down $0.20 at $1387.
This morning in London: The FTSE 100 is down 20 points at 6328.
Latest news: After a turbulent week last week, we could be in for a quieter start as all eyes will be on Wednesday’s US FOMC statement, due out at 7pm. This will give a very strong indication as to the mind-set for further QE, and as that has been the major driving force for global equity markets recently, everything else will be rather less relevant.
Stocks: After discovering some sub-standard issues with one of its suppliers in Bangladesh, Tesco has stopped sourcing clothes from that factory. As part of Legal & General’s cost-cutting reorganisation, it has announced the appointment of a new CFO. There is further uncertainty in the banking sector, with the Co-Op Bank announcing that it must find a fresh £1.5 billion to help its capital adequacy issues.
The day ahead: EU Trade Balance figures are posted at 10am, and then ahead of the US open at 1.30pm we will see the latest US Empire manufacturing index stats. All day today the G8 will be meeting in Northern Ireland. All figures as at 8.30am. (All times London time).