European traders still worried

In mid-morning trading the FTSE 100 is up just eight points, as European traders are struggling to move out of first gear.

The FTSE, along with the rest of Europe, is finding it hard to shake off last week’s worries about the health of the eurozone, particularly following European Central Bank president Mario Draghi’s unexpected rate cut. Regardless of how optimistic the US markets were at the close of last week, troubles on our own doorstep are now taking precedence as European traders begin to employ a considerably more conservative approach. 

The tastiest battle going on this season is not on the football pitches or even the dugouts, but between BT and Sky as they continue to slug it out over the UK’s sports fans. The latest shot at goal has been BT’s audacious bid for the rights to the Champions League from 2015 onwards. Claiming that only 3% of its viewers watch the Champions League, Sky feel that £299 million is considerably more than they are worth. 

Royal Bank of Scotland has seen over 1,000 mortgages approved on the back of the government's Help to Buy scheme in the last month. 

The Co-op has been forced to cancel its next dividend payment to members, as the knock-on effects of poor management of its banking division during the financial crisis continues to bite.

Friday saw US traders go to town as once again the Dow Jones closed out the day on a higher high, maintaining its bullish momentum. 

Although today is Veterans Day, a bank holiday in the US, markets will remain open but are likely to see thinner volumes than normal as a scarcity of economic data releases is likely to see traders short of catalysts to trigger market action. 

Ahead of the open, we expect the Dow to start 15 points lower at 15,746.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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