Traders await political development

In mid-morning trading the FTSE is broadly unchanged as traders can’t seem to be enticed off the fence.

Royal Bank of Scotland
Source: Bloomberg

In London the FTSE 100 has barely moved, as political stories are as few and far between as corporate announcements. Traders are sitting on their hands as they await further developments from the Ukrainian situation; reports suggest that relations between Kiev and Moscow are improving but traders aren't rushing out to buy stocks just yet.

Eurozone stocks have pulled back a bit this morning as the excitement about additional easing from the European Central Bank has cooled off, but with the next interest rate decision – a little over a week away – we could be looking at another rally before the week is out.

Evraz swung to a profit in the first half of 2014; the Russian steelmaker has not been impacted by sanctions and is continuing to focus on core assets and trim its debt. Irish construction materials supplier Grafton Group posted an 88% jump in first-half profits; the bounce back in Irish and British property markets is driving the company’s good results.

Royal Bank of Scotland is trading higher despite being fined £14.5 million over ‘serious failing’ in its mortgage sales; the bailed-out bank is probably happy that the fine is only millions and not billions.

In the US, there appears to be no stopping the index futures which are indicating that the Dow Jones will open 24 points higher at 17,130. The S&P 500 closed above 2000 last night for the first time and we are expecting those gains to be extended. 

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