FTSE 100 gets off to a cautious start

With little economic data to take into account today (August 7th), the FTSE 100 got off to a cautious start this morning.

The headline news was provided by Standard Chartered bank as its shares fell on the back of news that it faces the possible withdrawal of its New York banking licence.

US authorities are investigating the bank over the possibility that it has been laundering money to Iran.

The UK blue chip index closed at 5,808.77 yesterday - its highest closing level since May - on the back of better than expected US jobs data and fresh hopes that Spain will be granted a bailout by the European Central Bank.

Although there was some industrial and manufacturing figures for June released today, investors will be waiting to see if the Bank of England (BoE) respond to a sluggish start to the third quarter with further quantitative easing.

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