The FTSE is looking pretty flat this morning at 5658

<p>The FTSE is looking pretty flat this morning at 5658 with some big losers being offset by strong banks and commodity stocks get a boost […]</p>

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  • The FTSE is looking pretty flat this morning at 5658 with some big losers being offset by strong banks and commodity stocks get a boost from the price of copper.
  • In France, the CAC is also flat at 3175 and the picture’s rosier in Germany with the DAX up 16 points at 6557.
  • In the states Wall Street finished up 204 points or 1.6% at 12777, again lead by strong banks buoyed by Chinese GDP data indicating that the slowdown in their economy is not as sharp as expected.
  • This morning, however, there have been some more negative comments from Chinese premier Wen Jiabao so it will be interesting to see what happens to those previous gains on the open.
  • Security company G4S gapped down nearly 10% on the open. This is after it has emerged that its inability to completely fulfil its Olympic contract to provide 10,000 people for the games could cost it up to £50m. It has since recovered slightly settling around 6.5% down for now. Due to the proximity of the Olympics and how late this shortfall was spotted, it would be fair to say they’re not out of the water yet.
  • Looking back to the US we also have Citigroup reporting pre-market today.
  • Important data today, we’ve got European CPI (a key yardstick for the level of inflation) coming in soon at 10am and US retail sales at 1.30pm.
  • Finally, don’t forget about the unfolding Libor scandal which still has the potential to do some more damage especially after an ominous internal memo alluded to Barclays by no means being the only bank at fault.
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