UK

The chief executive of Rio Tinto (RIO) Tom Albanese said that it is important for the UK based investors to raise their voice against the proposed controversial resource super profit tax (RSPT) on the mining sector of Australia which has created a major debate recently. The latest data shows that the tax is going to have negative impacts not only on FTSE but on the retail sector as well.

The Bank of England has held their interest rates steady at 4.5 per cent for the sixth month in a row, a decision widely expected by financial markets. There was no change and no surprise to the markets given there was evidence of modestly stronger economic activity and a more robust housing market in England as of late. The British Pound steadied following the release of the rate decision details after the Pound had dipped earlier in the trading session on disappointing British trade data.