The FTSE is currently indicating a very weak opening, as the global equity sell off continues. Traders are pinning their hopes on the UK retail sales numbers, while analysts are expecting a year over year growth of 1.4%; the numbers could come out higher. While this could be good news for the retail stores, we don't believe that it will have enough affect to get the FTSE back into the green.
Oil prices continue to crumble with no end in sight, as world wide demand for oil and its by products evaporates. Analysts are now expecting oil to fall another 25%, even after taking into account that OPEC will cut an additional 2.5 million barrels a day before the year end. Oil is currently trading around the 53 dollars per barrel mark and will probably reach the 50 dollars mark by Friday.
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