Britain’s FTSE 100 index closed up 33 points, to 3,848 in the previous session and is expected to open 20 to 30 points higher today, according to financial bookmakers. Part-nationalised Royal Bank of Scotland is likely to be the centre of attention as it is set to post a record UK corporate loss of up 28 billion pounds ($40 billion) and unveil a far-reaching restructuring and plans to limit further losses from risky assets.
The Dow tested the 7,400 resistance line and dropped sharply to close at 7270 with a loss of 80 points from the previous session. The 7,400 resistance line will be good to watch today as an upside break through this zone could spark a possible rally.
In forex news today, the GBP Nationwide HPI results are out at 07.00 am with a slight reduction expected. Then watch out at 1030 when BOE Governor King speaks. Plenty of USD data releases due today with Core Durable Goods Orders and unemployment claims out at 1330. Then at 1500 the New Home sales are released. The Core Durable Goods are expecting a slight improvement, with the unemployment claims to remain steady. The New Home sales are expecting a small contraction. Then later in the evening the NZD are expecting Building Consents. Sterling plunged again yesterday on the back of poor GDP figures released by BOE, together with concerns of the UK banking system.
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