Please find below the Financial Fixed Odds report from David Evans, market analyst at BetOnMarkets.

• World stock markets have been sitting on the fence today with the FTSE largely unchanged and US markets down only slightly.
• After yesterday’s unexpected rally, it is understandable that traders want to stop and take stock before taking on any further positions.
• Markets initially took a tumble on the announcement from the FDIC that the number of problem US banks has risen to 305, the highest since 1994.
• Markets seem unmoved as GM creeps ever closer to bankruptcy.
• Tesco is having another strong day on news that it’s share of the UK grocery market is still above the 30% level at 30.8%. This was larger than some analysis had feared, indicating that Tesco is managing to see off the challenge of the discount retailers such as Aldi and Lidl.
• Oil is slightly weaker ahead of the OPEC meeting, but still holding firm above $60.

FX Trading

FX markets haven’t been as quiet as equities. Sterling has hit the $1.60 level for the first time since November 2008 and is trading at its best levels against the euro for three months.

ECB member Liikanne’s comments about there being no floor to rates in the eurozone has sparked a wave of selling in the European single currency. This comes on the back of Constancio’s comments that EU unemployment is expected to rise.

The pound is benefitting from being the ‘least ugly’ at the moment rather than overbearing strength in the UK economy.

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