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Brazil Overtakes the UK Economy

Overnight equity market’s in Asia slid following the moves seen in Europe and the US. Markets were spooked as Greece raced to sign a deal enforcing haircuts on private bond holders to receive critical bail funds and avoid a disorderly default. The FTSE 100 suffered its biggest one day fall this year at 1.9%, and the DAX and CAC 40 falling over 3%.

Brazil’s economy has overtaken the UK for the first time, making it the second emerging economy to enter the top tier of economies. This is a key shift of western economic dominance and highlights the need for sustainable growth in the UK.

Taken from this morning’s CityAM:

1.       USA – $15.06T

2.       China – $7T

3.       Japan – $5.86T

4.       Germany – $3.63T

5.       France – $2.81T

6.       Brazil – $2.47T

7.       UK – $2.42T

8.       Italy – $2.25T

9.       India – $1.84T

10.   Canada – $1.56T

*Overall GDP in 2011 expressed in US dollars. For further details please visit cityam.com 

The AIM listed Gulf Keystone (LON:GKP), a retail favourite was sold yesterday on speculation of the expected takeover bid being rearranged for May. The stock at its low was down 34.99% on the day, but recovered some of its losses in the final hours.

New FSA rules that stipulate banks have to contact all potential clients from the mis-selling of PPI insurance opens the door for further £3bn in claims. Which unfortunately will lead to even more adverts covering daytime TV regarding PPI claims.

The eagerly anticipated day of Apple’s (Nasdaq:APPL) iPad 3/HD launch is expected to come today.The incredible buzz that is created by the launch of Apple products means that due to rumours and expectations, the delivery of the new products has to be high. Some consumers will buy the latest product regardless, though analysts will be watching the launch closely to see if they think it can generate the mammoth sales of previous products.

The price of Oil stabilised on hope that talks with Iran will reduce tension in the region –FT.com 

The important fundamentals of the day are at 11.00 (GMT) Factory Orders from Germany and ADP Employment figures from the US at 13.15, which will be closely watched for any indication of Friday’s Non-Farm Payrolls.

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