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Friday, October 17, 2008

BetOnMarkets Morning Report

The FTSE currently indicates a higher opening, as traders, after some initial skepticism, are finally buying into the bailout plan. Although there is no UK economic data today, traders will be looking at the US housing and consumer confidence data. A worse then expected consumer confidence number can send both the US equities and the FTSE into the red.

The threat of an OPEC cut at its meeting next week has lifted oil from a 13 month low. Oil which is currently trading around the 73 dollars per barrel mark, has been in a tailspin as worries of a full fledge recession intensifies. We believe that oil prices have hit their lowest and could only go higher from here.