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FTSE Market Breaks September Lows as US Politicians Delay Discussions

At 10.15am European markets and US futures are enveloped in market gloom, with the FTSE just breaking through September’s lows at 5634.

Having said that, there has been a little light from a couple of UK stocks this morning, as it appears that the protracted discussions between Glencore and Xstrata have reached a satisfactory conclusion.

Now that the Qatari sovereign wealth fund has given its blessing for 3.05 Glencore shares for each Xstrata share, this deal looks close to completion.

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President Obama is leaving for an Asian tour tomorrow and Congress will be breaking up for an extended Thanksgiving holiday.

As both parties are not due to return until 26 November, this will do nothing to calm fears that they will once again stretch out negotiations over how to tackle the fiscal cliff until the very end.

Debt rating agencies have clearly stated they will not tolerate the stalling tactics seen in 2011, and a downgrade of US debt seems likely unless progress is made soon.

 

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Financial Market Comments from Alastair McCaig, Market Analyst, IG Index.

The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.

Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.

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