FTSE Futures Rebound Despite Fears Over Spanish Political Corruption
Following yesterday’s negative news flow, European markets are showing some real resilience and at 10am (London time) the FTSE is up 18 points at 6265.
US markets also closed weaker on Monday, but today the FTSE futures have managed to shrug off that disappointment fairly easily.
Fears over Spanish political corruption and the destabilising effect it will have on its government debt, along with pre-election soundbites coming from Italian PM candidate Silvio Berlusconi, continue to hang over the Eurozone.
However, European markets are predominantly higher this morning, confirming the popularity of equity markets for investors and traders alike.
On the equity front, BP‘s fourth-quarter figures, although less than last year’s, have beaten analysts’ expectations at $4 billion.
UBS have also posted Q4 numbers, which at first glance are worse-than-expected, though they include fines for the Libor fixing case.
Last year’s CHF 323 million profit has dropped to a CHF 1.89 billion loss this year.
Looking ahead to the US open, at 10am (London time) the Dow is called to open up 52 points at 13,932.
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Financial Market Comments from Alastair McCaig, Market Analyst, IG Index.
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