There was a positive start to the week
City Index June 11, 2012 2:33 PM
<p>There was a positive start to the week as the FTSE, Dow and DAX gained between 75 and 125 points as trading began last night. […]</p>
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- There was a positive start to the week as the FTSE, Dow and DAX gained between 75 and 125 points as trading began last night. This was in response to the 100 billion -euro bailout of the Spanish banks that was agreed over the weekend.
- Banks were the strongest performers across the board with Lloyds rising nearly 4.5%… Barclays and RBS were up 3% and in Germany, Commerzbank and Deutchebank were also up around 4.5%.
- By noon the FTSE was at 5488, the Dow at 12650 and the DAX at 6235. The euro had also gained half a cent against the US dollar.
- Man group was one of the weaker performers this morning as shares fell 1.4%. After opening at almost 82p , by noon they had fallen to 78.5 pence.
- There are no figures out today of high importance, however tomorrow at 9.30 we have the manufacturing production figures for the UK. We will also be waiting for further details of the Spanish banking bail out which is expected to emerge after audits this week. For now though this has provided the markets with a positive boost.