Further fears over the eurozone hit financial markets yesterday
City Index May 10, 2012 3:21 PM
<p>As further fears over the eurozone hit financial markets yesterday, equity markets experienced choppy trading amidst heavy volume A rally into the close saw the […]</p>
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- As further fears over the eurozone hit financial markets yesterday, equity markets experienced choppy trading amidst heavy volume
- A rally into the close saw the FTSE end off the lows, down 24 at 5530, with the DJIA down 97 points at 12,833, having been down over 1.5% in earlier trading
- With lighter volume so far this morning, Europe is better off with the FTSE slightly up at 5537 and the German Dax up half percent
- After yesterday’s selling pressure, Lloyds has recovered 2.2% to be the biggest gainer so far on the FTSE
- Legal and General is also strongly up, 2% higher after a reshuffle on the board has traders more confident in the insurer
- Rolls Royce, however, is the biggest faller, down around 2.2%, continuing its decline since it reported last week
- With a very busy day ahead from a macro-economic perspective, in the UK we have manufacturing data at 9.30am and the bank rate at 12noon
- While in the US, we have trade balance and initial jobless claims at 1.30pm
- Later on in the day, traders will be anxious to hear what Ben Bernanke has to say, with many hoping for more indication on QE3.