FTSE 100 still choking on banking stocks

Last week the UK  government announced it plans to sell all its remaining holdings of Nat West (RBS group) and that has seen the share price rebound, but it still remains at lowly levels compared to where it was at the beginning of the year. Hence, if the government does sell, it will take a huge loss at current levels. This morning news has emerged; that Qatar plans to sell half its stake in Barclays (BARX). Barclays share price has been under pressure most recently before this announcement and it has been the banking sector that has weighed on the FTSE 100 for months now. That is because this sector accounts for a huge component of the index. Now the FTSE 100 managed to set a daily close above 7,500 again yesterday, but right now the futures price is indicating a lower effective opening for the index today. The lack of any rebound in oil prices so far today is having a negative impact on the opening outlook too.