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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.

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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.

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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