The FTSE currently indicates a flat open, as yet again traders will be looking towards the US economy for guidance of the equity market. Today the US department of commerce will be releasing the US 2nd quarter GDP numbers. Economists are expecting a growth of 1%. If the numbers stay positive, this will be a clear indication that the economy is on the verge of recovery.
Oil has been benefiting from the hurricane season. As the black gold has gained 3 dollars in the last week since the news that hurricane Gustav has forced New Orleans to start making evacuation plans. If the GDP number comes out better then expected, look for the price of oil to spike north of 120 dollars per barrel.
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