The FTSE is currently indicating a higher opening as traders await the release of the UK purchasing managers' survey. While this is not a major economic report, the purchasing managers survey will allow us to get an in-depth look into how the major corporations are viewing the economy and if they plan to make major investments. Should this number come out better then expected, look for the FTSE to get a healthy boost.
The hopes of oil traders, who were holding long contracts into the weekend, were shattered when Hurricane Gustav was downgraded to a category level 2 causing oil prices to fall 4 dollars per barrel. However, not all is lost as we will be getting reports of the actual damage when the evacuated employees return. Not to mention that Hurricane Hanna is around the corner.
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