Nov 28, 2016

Footsie off lows as miners rally but weak oil prices weigh; banks cautious ahead of stress tests

Around mid morning, the FTSE 100 index was down 10.0 points at 6,830.7, just below the session peak of 6,840.96, having recovered from an early low of 6,769.77.

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The Footsie remained lower as the morning session progressed but recouped a big chunk of its early losses as miners rallied on higher metal prices, although weaker oil prices and falls by banks ahead of stress test results weighed overall. 
Around mid morning, the FTSE 100 index was down 10.0 points, or 0.2 per cent at 6,830.7, just below the session peak of 6,840.96, having recovered from an early low of 6,769.77, after closing 11.55 points higher on Friday.
European markets were much worse off, with France's CAC 40 index and Germany's Dax 30 index both losing around 0.5 per cent.
Meanwhile Italy's MIB dropped 1.1 per cent reflecting concerns ahead of next weekend's Italian referendum vote, where there is a good chance that PM Matteo Renzi could well lose precipitating further political turmoil in the country.


By This Is Money Market Reporters