FTSE Rises as UK Consumer Confidence Figures Hit 18-Month High
The FTSE has oscillated either side of parity so far today and by 10am was up six points, as traders digested a raft of European economic data posted over the morning.
For the last few trading days the Eurozone crisis has taken a back seat to the US fiscal cliff debate, but the focus has now shifted back to Europe.
Pre-market, UK consumer confidence figures gave the FTSE spread betting market a boost, rising to their highest level for 18 months.
In Europe, Mario Draghi, ever the optimist, spoke at 9am to highlight his expectations of a recovery in the Eurozone, starting in the second half of 2013.
His speech was swiftly followed by Eurozone unemployment figures, which were in line with expectations but rose to 11.7%, a new record high.
This week, stock market swings have largely been due to the posturing of US politicians as they battle for soundbites over efforts to agree a cohesive plan of action in tackling the fiscal cliff.
Although nothing has been agreed, the fact that they are now talking about it has been taken as a positive step.
Ahead of the US open, we expect the Dow Jones to open 20 points higher at 13,041.
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Financial Market Comments from Alastair McCaig, Market Analyst, IG Index.
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