The FTSE 100 has opened +20 at 5572 tracking cautious Asian gains overnight as markets digest news from Italy concerning a new 30 billion euro package to shore up Italy’s public finances.
Banks have started the session positively, emulating the Japanese banking stocks overnight.
Positive results over TUI Travel came in the form of another year of growth as the holiday operator announced an 18% increase in operating profits.
Such profits defy not only European debt issues but also global political hitches specifically concerning North Africa.
Diversification within developing countries was hailed as a staple to the firm’s success.
However, investors remain cautious ahead of this week’s scale, and volume, of European meetings the first beginning with a Franco-German summit in Paris today.
The markets may be expecting a further European augmentation to Italy’s austerity measures to cement a more optimistic view over the European rescue package.
Christmas may well come early for global markets after this week’s meetings.
Article by Spreadex.
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