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Monday, February 16, 2009

BetOnMarkets Morning Report

The FTSE is currently indicating a weaker opening, after the rightmove house index showed a 9.1% drop in year over year in home prices. While Monday is expected to be a quiet day, with North America on holiday, Tuesday promises to be a day full of volatility. Between the CPI and retail sales data, we should get a good picture at how the British economy is doing.

Crude oil is trading near the $38 a barrel on speculation that the recession in the world's largest economies will slash demand for fuel and energy. Reports today showed that Japan??s economy, the world's largest oil consumer after the U.S. and China, shrunk at the fastest pace since 1974. Oil prices are likely to trade below the 40 dollars per barrel level until the inventory report later this week.