FTSE has opened pretty much flat this morning at 5694 with mining gains offsetting losses on oil stocks

<p>The FTSE has opened pretty much flat this morning at 5694 with mining gains offsetting losses on oil stocks. Banks have also lost out after […]</p>

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  • The FTSE has opened pretty much flat this morning at 5694 with mining gains offsetting losses on oil stocks.
  • Banks have also lost out after yesterday’s hopes of more definitive eurozone debt action proved overly optimistic.
  • The story is much the same over on the continent with the CAC off 5 points at 3313 with Citroen and Peugeot having tough mornings.
  • In Germany the DAX is up 22 points at 6802 after some strong earnings results and bullish analyst reports across a variety of industries.
  • Wall Street ended the day yesterday flat at 13073 – JP Morgan taking a 2% hit after its stock got downgraded.
  • Taking a closer look at our equity markets we can see BP are down 3.2% after they announced profits of $3.7 billion for the last quarter – down $2 billion from the same quarter last year.
  • Britain’s largest oil company has also been hit by a $5 billion write down in the value of US assets and has had to allocate an extra $847 million in provision for the 2010 Gulf Oil spill – taking its total cost to a whopping $38 billion, that’s $1 billion more than the bailout for Spanish banks agreed earlier this month.
  • Media company ITV are also down 1.7% this morning, this might be because Deustche bank cut them from a hold to a sell, or, it might just be because everybody’s watching the Olympics on BBC.
  • No macro figures of note coming out today other than American consumer confidence at 3pm but don’t forget it’s non farm payrolls this week.

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