FTSE 100 Hits Highest Levels for 2 Months
Financial Market Comments from David Jones, Chief Market Strategist, IG Index.
In mid-morning trading the FTSE 100 has made a strong start, pushing out to its best levels in more than two months.
After a modestly positive start to the week on Monday, investors seem freshly emboldened this morning following a good performance on Wall Street, good banking results and a positive reaction to BP’s quarterly numbers.
Today’s statement from the oil giant held little to worry markets, and with the change of chief exec many will be hoping this marks a clean slate for BP – one which could result in more shareholder value being recovered over the months to come.
The top blue chip gainers today are dominated by the banks, getting a little bit of the feel-good factor following better-than-expected earnings from Deutsche Bank.
All of this has meant that after losing some momentum in recent days, the market looks to have found a fresh pair of legs and the rally could still have further to run.
Looking ahead to the US, at the moment we are expecting the Dow to start off this afternoon around 10 points higher.
In recent weeks the 10,600 area has been a real barrier for the Wall St index so this, combined with consumer confidence data and another slew of earnings, could make for a volatile session ahead.
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Good Luck!
DB
The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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