Europe positive in quieter trading conditions

<p>The FTSE has started the week in an uncharacteristically quiet manner for recent times. After the biggest weekly gain in three years, gaining around 7.5%, […]</p>

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  • The FTSE has started the week in an uncharacteristically quiet manner for recent times.
  • After the biggest weekly gain in three years, gaining around 7.5%, the FTSE is only slightly positive this morning, up six points at 5558.
  • The rest of Europe however is looking stronger, with the French CAC up 1% and the German DAX up 0.75% as Italy announced austerity measures.
  • However, with a crucial EU summit scheduled for Friday, traders are nervously awaiting further news from the eurozone.
  • Banks are having a cracking morning today, with Lloyds the biggest gainer, up an impressive 6%, that’s nearly 27p.
  • RBS is currently Up 4.5% and Barclays is up 3.3%.
  • On the downside, Smith & Nepthew is down 2.2%. Arm Holdings is down 1.25% and Shire is just shy of falling 1%.
  • From a macro perspective, we have UK services PMI data at 9.30 while at 3 we have US non-manufacturing PMI.

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