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Thursday, October 9, 2008

BetOnMarkets Morning Report

The FTSE currently indicates a slightly higher opening, after the Bank of England, the EBC and FOMC all cut their lending interest rates yesterday. Rumors are circulating that because the BOEs next meeting is not scheduled until November, there might be another rate cut soon.
There is a strong chance that the FTSE will end up in the red at some point during todays trading day.

Oil fell for a second day as the global economic crisis curbed demand also hurting the price of oil was the U.S. government report of a bigger-than-expected gain in crude and gasoline inventories. With the strengthening of the US dollar, there is a good chance that oil prices will test the 85 dollars per barrel mark before the end of the week.