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Chinese PMI Buoys UK Despite Disappointing Apple Results

In UK spread betting, the FTSE is up 20 points at 6217.

The FTSE is firmly above the 6200 mark as traders have shrugged off Apple’s results and are now focusing on the Chinese manufacturing data.

Given the number of mining stocks in the FTSE 100 this is not particularly surprising.

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The latest report on Chinese PMI, compiled by HSBC, came in at a two and a half year high, which has pushed the mining sector higher by 0.5%.

Apple has built a rod for its own back after having such a strong 2012, with analysts having high hopes when it comes to the firm’s performance, which the tech giant failed to meet last night.

The sell-off in after-market trading caused the FTSE to open lower, but the mining sector pulled us into the black.

Low cost airline EasyJet is up over 4% after the company reported a 9% rise in revenue, showing that the demand for low-cost holidays among European consumers is still strong.

US index futures suggest that the Dow will open up 10 points at 13,790.

At 1.30pm the US will release the latest weekly jobless claims report.

With the number of people claiming jobless benefit in the US at a five-year low, fans of the US economy will hope that the trend can be maintained.

 

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Financial Market Comments from David Madden, Market Analyst, IG Index.

The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.

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