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Wednesday, May 14, 2008

London Index Slowing down

For the third day straight, the FTSE finished the trading day virtually unchanged, with financials slowing down the London Index. A string of negative news came out in the last 24 hours, from the worse then expected employment numbers to the comments from BOE governor going on record stating that they are almost finished with the interest rate cuts, and are turning their attention to fight inflation.
Currently the FTSE 100 is indicating a loss of 11 points at the open.

Gold has gained more then 31 percent last year, on the back of a weak dollar and soaring inflation concerns. The metal has dropped 16 percent from a record $1,033.90 an ounce on March 17. There are speculations who are expecting the yellow metal to fall even lower, testing the 850 level before the month is out. Oil which took a break from setting daily record highs on Wednesday is ready to retest the record it set on Tuesday.