Shares expected to rise in London, as Lloyds Banking Group confirms it is floating its TSB arm on the stock market
7.47am BST
Lloyds Banking Group is defying fears of flotation fatigue in the City, by announcing plans to launch its TSB banking division on the stock market.
TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues. It is already operating on the UK high street and is proving to be a strong and effective challenger, further enhancing competition in the UK banking sector."
TSB IPO: There will be a retail offer. Public will be rewarded with bonus shares if they keep their stake for 12 months
7.41am BST
Good morning, and welcome to our rolling coverage of the financial market, the world economy, the eurozone and business.
The EU parliament elections were a political earthquake, but the City is refusing to be shaken by the sight of anti-establishment and extremist parties making stunning gains in parts of Europe.
The weekend European elections dont appear to have had that much effect on markets despite a large anti EU vote in a number of countries, particularly in the UK, France, Greece and Denmark.
The reality is that the outcome of these elections has very little bearing on what is likely to happen with respect to economic policy in the various European capitals which are striving to engineer an economic recovery, though European politicians will ignore the message being sent by voters at their peril.
Looking ahead to European trade, the major bourses are mostly pointing lower, with the exception of the FTSE which was closed yesterday and as a result missed out on the big gains across the region.
The MIB rallied quite significantly led by the banks and it is likely to be the weakest performer at the open as it gives back some of these gains.
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