Strong Chinese Session Boosts UK 100 Market Ahead of Autumn Statement
In mid-morning trading, the UK 100 spread trading market has gained 25 points, taking yet another run at the 5900 level.
A strong overnight session in China handed the initiative to London’s bulls this morning, helping them to push the UK index higher.
Indeed, such was the positive feeling that it was even able to tiptoe beyond it, but the bears have not given up the fight yet.
The Chancellor’s budget statement means that some are remaining on the sidelines, but the travails of the UK economy are somewhat peripheral to the crises in the Eurozone and the US.
Some 200 years after the beginning of the last Anglo-American conflict, Tesco has shown how difficult it is for an empire based in the Old World to hold onto its possessions in the New.
The departure of the head of the Fresh & Easy division has signalled a general review of Tesco’s US business. This could mean the end of its five-year attempt to challenge the Wal-Mart behemoth.
Shareholders appeared relieved, however, with the Tesco share price gaining 3% in morning trading.
As well as the aforementioned budget statement, today sees the start of the run into US Non-Farm Payrolls on Friday, with the release of November ADP numbers. A gain of 125,000 is forecast.
Ahead of the open we expect the Dow to start around 40 points higher, just below the 13,000 level.
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Financial Market Comments from Chris Beauchamp, 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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