FTSE 100 recovers as banks and mining companies gain

Source: Marketwatch
© Scanpix/AP

On Tuesday the FTSE 100 Index advanced 0.4% reaching 5,245.05 in morning trading session. Markets reflected relief as major rating agencies confirmed US credit rating despite failure to approve debt-cut plan. Financial institutions and resource equities were among the major gainers on Tuesday. HSBC Holdings PLC and Heavyweights Standard Chartered PLC each added about 1.7% while Lloyds Banking Group gained 1.3%. Mining companies Rio Tinto PLC and Anglo American PLC rose 1.5% and 1.9% respectively. The most negative contribution came from Shares of Smith & Nephew PLC shares giving up 2.8% after Citigroup reduced its EPS forecast.

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Tue, 22 Nov 2011 14:47:58 GMT

Spain sells Treasury bills despite an increase in yields

Spain's Treasury sold 3 billion euros of three and six-month bills today despite essentially increased yields after Sunday's elections. The Treasury bills sold for 2.1 billion euros generate yield of 5.22%, while the same bills sold less than a month ago produced only 2.35% yield. The current sale has bid-to-cover ratio of 4.94% as compared to October's sale ratio of 2.59%.

Tue, 22 Nov 2011 14:36:12 GMT

Public borrowing in UK decreases

The net borrowing of the UK's public sector decreased more than expected. The figure for October is ВЈ6.5bn being lower than ВЈ7.7bn in previous year, the Office for National Statistics reported. Experts predicted the borrowing to be around ВЈ6.8bn. The decrease signals slight improvement of the economic situation in the country; however, the general picture is not optimistic, said Brian Hilliard, chief UK economist at

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