Negative start to the European Equity Markets

<p>We have seen a NEGATIVE start to the European equity markets this morning with Spain’s prime minister, Mariano Rajoy expected to outline further austerity measures […]</p>

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  • We have seen a NEGATIVE start to the European equity markets this morning with Spain’s prime minister, Mariano Rajoy expected to outline further austerity measures when he speaks in parliament today. EU leaders have been pressing the prime minister for a convincing two-year blueprint of structural reforms in order to justify the recent bailouts Spain has received.
  • In early trading, we see the FTSE 100 opened DOWN 28 points to 5635.
  • Biggest losers this morning are Burberry, showing down 5% at 1220 pence after they missed sales targets suggesting an Asian slowdown in luxury products.
  • Other reporters today are Barratt Development, seeing first year revenue UP 14% with adjusted pretax profit for the period of £110 million pounds. They remain broadly flat today.
  • The Federal Reserve are releasing the minutes of their recent meeting this evening. The minutes are expected to show how worried the Fed is on US economic prospects, and the decision behind their vote to extend Operation Twist.
See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.

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