Clash between Germany and Brussels over new ECB supervision powers

<p>- It has been fairly quiet at the beginning of this week, with US markets closed yesterday for Labor Day. -FTSE closed up 47points at […]</p>

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- It has been fairly quiet at the beginning of this week, with US markets closed yesterday for Labor Day.

-FTSE closed up 47points at 5758, ending a four-day losing streak, with mining stocks dominating the leader board – Fresnillo as yesterday’s strongest performer, was up 66 pence as the price of silver has risen for the second day in a row.

-This morning, UK shares were down at 5731 by 9am, and reports have revealed that retail sales have been hit by the London Olympics last month.

- The DAX and CAC were both up around 40 points yesterday ahead of the ECB meeting this week which could provide some solution to the eurozone Debt Crisis.

- There has been a clash between Germany and Brussels regarding new banking supervision powers and speculation surrounding this may see some market volatility in the build up to this.

- German and French shares were down slightly this morning whilst US shares were up 10 points at 13115.

- In the UK, we are awaiting figures out today at 9.30am – that’s the Construction PMI- forecast slightly lower than last month at 50.1. And at 3.30pm we have the ISM Manufacturing PMI for the US.

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