The FTSE is currently indicating a higher opening, as traders are awaiting the release of the nationwide house prices. Also helping the equity markets is the possible rate cut by the ECB today at 11.45 am GMT. An interest rate cut historically helps the equity markets and today should not be any different. The FTSE should spend most of the day in positive territory.
Commodities benefited from the passage of the rescue bill, with oil stabilizing around the 100 dollars per barrel mark. Oil prices are more volatile today than at any other time since the Gulf War in 1991. The last seven days were a perfect example of that as Oil futures plunged 9.8 percent on Sept. 29, the biggest drop in seven years, after Congress voted to reject the bank rescue plan. A week earlier a record 16 percent jump led regulators to say they were on the lookout for price manipulation. We expect for prices to stabilize before the employment report on Friday.
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