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Stuck just above the 7000 mark the FTSE investors continued to show an unwillingness to push the UK index any higher this morning. Even a slump from sterling couldn’t help out the FTSE, with the pound dropping nearly half a percent against the dollar (where it is now threatening to fall below $1.235) and 0.2% against the euro. The Eurozone indices were similarly limp, the DAX and CAC rising 0.1% and 0.3% respectively; the fact that they managed any growth, however, is in and of itself notable considering the events in Berlin, Zurich and Turkey on Monday.

The general lack of news left Lloyds as one of the day’s biggest gainers, the bank rising nearly 3% following the announcement that it is set to buy credit card firm MBNA for £1.9 billion. The move is especially noteworthy given that it is Lloyds’ first acquisition since the 2008 financial crisis, with investors perhaps hoping the deal signals a new era for the bank.

Looking ahead to this afternoon and the US open is unlikely to bring with it much excitement. The futures are suggesting a 30 point increase from the Dow Jones, a rise that would leave the index the right side of 19900, but still a frustrating distance away from 20000.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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