04 November 2009

UK banks need more Boost

European shares fell in early trading as the banking sector sits in uncertain territory. Not just the UK sector this time - some European banks announced more quarterly losses.

The situation in Britain doesn't inspire confidence at all - with the Treasury announcing more taxpayer money to be pumped into state-funded banks like Lloyds and RBS.

The amount of money to be injected into the banks actually is more than the amount of money that was used just over a year ago.

The foreign exchange market is awaiting news from the US Federal Reserve bank on its likely decision to keep its base interest rate near zero.

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