08:35am  No trading for me today as I am off on a ‘chaps day-out’ but should be back in front of my screens tomorrow.

Market Update:

Most European equity markets closed up yesterday on optimism for the new pro-EU French government and encouraging French industrial production although the sacking of FBI chief did cause some ripples in U.S. equity markets later in the day.  The main indices in the U.S. ended the day mixed  with the S&P-500 closing up 2.71 points and the Dow Jones 30 closed marginally (-32.67) and the overnight futures market is showing further falls.

Wednesday’s Asian trading session is coming to a close and most markets are showing gains after oil prices rose during the latter part of yesterday, Brent Crude rose just over 3% to finish at $50.20 per barrel after a surprise fall of 5.2 million barrels in the U.S. inventories and is higher this morning at $50.65.

Gold had yet another negative day, falling below the significant $1220 level as equities pushed slightly higher but overnight it has returned back up and is sitting at $1221.05 now so we could see further (small) rises today. Economic news out today includes a rate announcement from the Bank Of England, UK manufacturing data and U.S. unemployment claims.