The FTSE currently indicates a very weak open, as traders are organizing their portfolio ahead of tomorrows UK GDP report. Analysts are expecting a contraction of almost 2% for the first quarter. However there has been talk that the number could come much worse then that. The FTSE is likely to spend the day in the red.

Crude oil is currently trading around the 48 dollars per barrel mark after the risk of widening bank losses dragged U.S. equities and other commodities lower. Oil’s two-day climb stalled after lenders including Wells Fargo & Co. said credit markets haven’t recovered yet. Adding to the weak crude price is the report from U.S. regarding the oil inventory which rose for a seventh week to its highest level since September 1990.

Trade Of The Day

Here is a good value play: A bull/bear bet, on the FTSE closing below 4005 on April 30th returns a 99% ROI.

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