The FTSE closed down 113 points yesterday at 3,512 breaking the lows set October. The S&P, Dow and Nasdaq have also broken through major support levels in the last couple of days as the global selling rout continues driven by fear and concern for the state of the global economy. Reassurance from Gordon Brown and Barak Obama in Washington appears to be having little effect on the markets. The US automotive industry continues to suffer with poor sales released from a collection of major manufacturers. This will put jobs in doubt and not help the US unemployment figure – ADP is released at 13:15 GMT this afternoon and Non-Farm Payroll is out on Friday. Today the Services PMI is due to be released at 9.30, and this will be closely watched because it’s a leading indicator of economic health. Good trading.
