This information has been prepared by IG, a trading name of IG Markets 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. See full non-independent research disclaimer and quarterly summary.
Equity markets have welcomed Turkey's move to jack-up interest rates to prevent the lira from going into freefall. Financial markets like decisive action, and the bold decision by the country's central bank to prop up the currency was felt around the rest of Europe.
British banks are on the rise for a second day in a row, as the fear of a currency war has dwindled. Restructuring continues at many financial institutions which tells us that we are not out of the woods yet.
Royal Dutch Shell is a touch higher after announcing the sale of a stake in Brazilian project Qatar Petroleum International. The oil giant's share price hasn’t recovered since its shock profit-warning nearly two weeks ago, and today’s disposal strikes me as a cash-grabbing exercise.
Sainsbury's has slipped into the red after the supermarket revealed Justin King’s reign will come to an end in July.
In the US we are expecting the Dow Jones to open 40 points higher at 15,980 ahead of the Federal Reserve meeting tonight, where a $10 billion taper is on the cards.