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Sunday, August 31, 2008

BetOnMarkets Morning Report

The FTSE is currently indicates a lower open as traders await the release economic data regarding the state of the UK banking sector. Economists are wondering how well this sector is doing, especially the mortgage industry. An increase in approved loans could signal that the banking industry is once again ready to lend money to the public.

Oil should be front and center as Hurricane Gustav makes landfall around the time London closes for the day. There are rumors that Hurricane Gustav is going to hit the oil producing area of the Gulf of Mexico. This could result in the price of oil retesting the record price set earlier this year.