Consumer confidence regarding the health of the economy is about to be rattled again, as the FTSE is indicating a very weak opening. The slump that started in US, where the SP500 suffered its worst one day loss since 1987 has continued the sell off into Asia and will move into Europe and UK as the FTSE is indicating an open down more then 4 percent.
Oil seemed to strengthen in the morning before the weakness in the equities market sent oil prices down by more then 6 dollars per barrel. Due to a holiday on Monday, the US oil inventory numbers will be released this afternoon, which should provide some fundamental direction to the black gold, which lately has been caught in a cross fire between equity weakness and US dollar strength. We do not expect for the price of oil to dip below 70 dollars a barrel.
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