Government RBS shares sale five years away

<p>Good morning, this is the City Index Market update for Monday, 12th of August with me, Iain Fry. The Dow finished down 72 points on […]</p>

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Good morning, this is the City Index Market update for Monday, 12th of August with me, Iain Fry.
The Dow finished down 72 points on Friday but it did seem to close more strongly than the previous two sessions.

European markets are broadly in line with the levels at which they closed on Friday, with the Dax trading down 13 points at 8324 and the FTSE trading up eight points at 6591.
The dollar has strengthened against the pound, euro and yen.

The first important news release of the week was the preliminary Q/Q GDP figures from Japan. It came in at 0.6%, which was worse than the 0.9% predicted. This unsettled the Asian markets and the Nikkei closed down 95 points at 13519.

The biggest gainer on the FTSE so far today is Fresnillo, which has bounced after a bad week. RBS is also up 1.1% after Vince Cable commented that any government selling of their holdings is at least five years away.

The main news to watch out for today is the US Federal Budget balance at 7pm BST.

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