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Monday, October 27, 2008

BetOnMarkets Morning Report

The FTSE currently indicates a lower opening, following the theme started in Asia. Traders are going through the recent report from Gordon Brown, in which the Prime Minister announced that he will increase Britains spending in order to cushion the countries first recession since 1992. While this is good news for equities, the FTSE is going to open in the red due to the sell off which started in Australia this morning.

Crude oil is trading at a 16 month low amid expectations that OPECs decision to cut production was not enough to get prices back to the summer levels. Gold traders have been frustrated lately, as gold prices have dropped by more then 150 dollars per ounce, as a result of a strengthening US dollar. There is a strong indication that oil might touch 60 dollars per barrel before putting a halt to the recent slide.