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Tuesday, February 3, 2009

BetOnMarkets Morning Report

The FTSE is currently indicating a higher opening, as traders wait for the release of the construction purchasing managers index. Analysts are hoping that there will be a rebound in the number which would signal that a rebound in construction. The FTSE might have a chance to open up more then 2 percent if the number comes out better then expected.

Oil is trading back above the 40 dollars per barrel level on speculation that OPEC, led by Saudi Arabia, cut its output in January to avoid a supply glut and bolster prices. Saudi Arabia, OPEC's biggest producer and the world's top oil exporter, reduced output by 375,000 barrels a day last month to an average 8.025 million barrels a day, the lowest since December 2002. Look for oil to test the 42 dollars per barrel level before Wednesday.

Predicted opens as of 06:00 GMT
FTSE: 4120.1 (+42.6)
CAC40 2981.20 (+52.40)
DAX30 4313.8 (+47.3)
DOW: 7995 (+65)
SP500 831.73 (+7.25)
Gold: 898.75 (-7.70)
Oil: 40.58 (+0.56)