We return from the long Bank holiday weekend on a slightly cautious note
Mansur Chowdhury May 8, 2012 3:22 PM
<p>We return from the long Bank holiday weekend on a slightly cautious note In Europe, we see the FTSE trading lower so far by 20 […]</p>
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- We return from the long Bank holiday weekend on a slightly cautious note
- In Europe, we see the FTSE trading lower so far by 20 points from Fridays close, currently at 5640. So it’s investors first opportunity to react since before the weekend. And since even further political and economic woes in Greece and the French elections
- The German DAX is around 50 points down from yesterday at 6520 and the CAC around 36 points lower from yesterday
- The biggest risers on the FTSE are Tullow Oil and Aviva. Tullow Oil has discovered further oil and said its recent Kenya oil find may prove to be the largest yet in East Africa. The company’s shares are up just under 4% at 1524.
- Aviva CEO Andrew Moss has announced he is stepping down with immediate effect, and we see Aviva shares up 3.7% at 313
- The biggest faller so far this morning is fund manager Man Group which is down 3.7% at 85.4p, joined by a host of mining firms
- Amidst the political uncertainty in Europe, it appears the dollar index is showing strengths against other major currencies, with EUR/USD lower by 0.3% at 1.3025 and GBP/USD also lower by 0.3% at 1.6148
- The price of gold has also fallen by 0.5% to 1630, and US crude oil is down over 1.2% at 9680
- Major economic data will be German Industrial Production figures at 11am GMT, and broadcast later will be from the European Monetary Union, with ECB President Draghi speaking at 1.30pm GMT.