Banks down this morning; FTSE flat as uncertainty continues over US fiscal policy

<p>The FTSE opened flat this morning as there was limited company news to drive the markets. Uncertainty over the US monetary and fiscal policy is […]</p>

The video cannot be shown at the moment. Please try again later.

The FTSE opened flat this morning as there was limited company news to drive the markets. Uncertainty over the US monetary and fiscal policy is still dominating the thoughts of global investors who seem to be reluctant to make big moves.

Banks have been among the biggest fallers and currencies appeared trapped within tight ranges.

The DOW closed lower yesterday for the third consecutive session and futures edged down 10 points this morning.

Technology giant Apple rose by 5% at the close of yesterday, with Blackberry managing to climb up 1%, having been saved by an offer to purchase the struggling smartphone maker.

In the UK, Rolls Royce was the biggest FTSE gainer, up 1.26% whilst Shire Plc was the top loser, down 2.5%.

Also in the red was Premier Foods whose shares slumped up to 8%, having announced that their CFO is to be replaced.

After recent gains, the pound had slipped against the dollar, euro and yen in early trading today.

It’s likely to be a fairly quiet day in terms of figures, but at 3pm we have the US CBI consumer confidence figure; forecast at 79.9.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.