We’ve got to play the hand we’ve been dealt, and, today, before the more
fortunate among us head for the shore, the hand we’ve been dealt is the
University of Michigan/Reuters consumer sentiment index for July.
Around 9:55 a.m. EDT, we are expected to learn that the final reading of the
UMich sentiment index for July is unchanged from the 64.6 reported for
mid-July.
Crude oil futures traded at their highest levels for three weeks Friday as European equities extended their rally to preserve hopes that economic recovery and an associated increase in crude demand is underway.
ICE September Brent traded within four cents of the psychologically important $70 a barrel mark, as European equity indexes reached their highest levels in six months or more.
Nomura upgrades Lloyds Banking Group (LLOY.LN) to buy from reduce, and lifts target price to 100p from 58p. “As substantially all the highest-risk assets are believed to be included in the asset-protection-scheme, we believe Lloyds’ tangible book value per share has among the least downside
risk of major banks, after the first loss piece is exhausted,” it says. Adds
that with signs that economies and asset values are stabilising, markets are
beginning to discount recovery and a turn in the credit cycle. “While we still
see risks around credit quality, the read-across from US and European banks
indicates some positives,” it says. Shares +3.1% at 80p.