The FTSE is currently indicating a higher opening, as rumors intensify that another bailout bill will be introduced in congress today. The rumor was the main reason for the huge recoveries that were enjoyed by equity markets around the world. This recovery was anticipated, as historically meltdowns on Wall Street often attracted bargain hunters. Not all the news yesterday was positive, as the credit market has shown no sign of relief despite the possible bailout rumors being circulated. A key rate that banks charge to lend to one another shot higher, a tightening of the availability of credit that could cascade through the economy. We expect the FTSE to spend most of the morning in positive territory.
Oil traders spent the last few days at the mercy of the rumors, however today it regained most of the 10 dollars per barrel it shed on Monday as rumors of the bailout bill being reintroduced broke out yesterday. Oil has spent the last few weeks in the range between 90 and 110 dollars per barrel and there is little to show that the trend will change anytime soon.
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