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FTSE100 poised to start lower as oil dominates

Britain's blue chip index is called to start lower after falling yesterday...
FTSE100 is called to start lower after a turbulent start to the week

Britain's blue chip index is called to start lower after falling yesterday as the weak oil market continues to dominate movement.

In Asia overnight, stocks fell away again, with Japan's Nikkei 225 index plummeting 438 points and the Shanghai Composite Index in China shedding 95 points.

On Wall Street, the Dow Jones finished 209 points down at 15,885, while the tech heavy Nasdaq closed 73 down and the S&P500 was 30 points lower at 1,877.

Footsie closed down 23 at 5,877 but is today called by spreadbetters at IG Index, to open a further 58 points lower.

Oversupply issues continue to dominate weak oil trading and the price of the black stuff went into reverse on Monday on further pressure as the head of OPEC called for countries outside the cartel, which produce oil, to co-operate to help the glut problem.

The price of WTI crude is currently under US$30 a barrel at US$29.47.

And uncertainty in markets could be set to continue with a clutch of key data coming out.

In the US, Consumer confidence is due on Tuesday, ahead of consumer sentiment and fourth-quarter GDP on Friday.

Also in focus is the Federal Reserve meeting on Tuesday and Wednesday, as well as the Bank of Japan's meeting later in the week.


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