The FTSE currently indicates a very weak opening, as traders worry that the UK economy has simply fallen of a cliff. Due to recent news that the UK chancellor is hoping that the recession will be over by 2010, has sent the British Pound to its lowest level since 2002. With the unemployment rate continuing to creep up, the BOE has announced that they are ready to cut interest rates again to help prop up the sluggish economy. The FTSE will most likely spend all of Thursday in the red.
Oil is trading at a 21 month low, as fear of a prolonged slowdown is putting downward pressure on oil prices. Traders are waiting for the release of the inventory report, which was delayed due to Veterans day being a holiday. Oil is currently trading at 55 dollars per barrel and is likely to hit the 50 dollar mark by the end of the month.
Predicted opens as of 06:00 GMT
FTSE: 4089 (-93.02)
CAC40 3169.60 (-61.70)
DAX30 4557.5 (-58.5)
DOW: 8220 (-66)
SP500 845.25 (-9.25)
Gold: 714.55 (-2.10)
Oil: 55.30 (-0.63)
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