European leaders 8217 120bn Stimulus Plan

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Yesterday, we saw the Dow Jones recover earlier losses to end the day down 24 points with equity futures continuing to rise overnight after European leaders agreed to a €120bn stimulus plan to encourage growth and create jobs.
Main mover to the downside yesterday was Barclays, losing around 15% to end the day at 165.6 pence as the anti-fraud investigators continue with their investigations surrounding the manipulation of interbank lending rates.
RBS also DROPPED 11% to end at 206.4 pence.
We have seen a positive start to the FTSE 100 today, UP 63 points to 5556 with miners showing the greatest gains from strong commodity prices. The bankers opened strong initially but have retraced to being broadly flat after the major losses seen yesterday.
The Governor of the Bank of England, Mervyn King is chairing a press conference to discuss the Financial Stability report. This may give indications on the Bank of England’s outlook for next Thursday MPC meeting which may see the bank add further monetary stimulus to their existing asset purchase plan.

See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.

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