Banks are among the gainers as the market moves higher ahead of this evening's statement from the US Federal Reserve at the end of its latest two day meeting.
The FTSE 100 is currently 41.60 points ahead at 5327.37. Brian Myers at odlmarkets.com said:
Today's trading session could be the calm before the storm, as markets await clarification from the FOMC re their interest rate decision. This announcement could well give clues as to 2010 interest rate strategy in the US over the coming year, which will impact on all asset classes.
Meanwhile banks are benefiting from talk that the Basel committee on banking supervision had agreed to delay enforcement of stricter capital requirements for large banks, giving them a transition period of at least 10 years. So Barclays, battered yesterday on Dubai fears and concerns about its US business, has bounced 4.9p to 289.45p while HSBC is 4.4p higher at 706.2p. Standard Chartered is up 9.5p at 1571.5p and Lloyds Banking Group has been lifted 0.82p to 56.17p.
Rentokil Initial is the biggest riser in the leading index so far, up 2.8p at 103p as Deutsche Bank edged up its price target from 143p to 145p.
