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- We start the week with major indices trading slightly higher driven by upbeat Chinese PMI data. So far looking like it has overwhelmed the continuing concerns over the US fiscal situation from last week.
- The FTSE is at 5882, about 10 points higher from Fridays close, the DAX is at 7434, 5 points higher and the CAC is at 3574 so 8 points higher.
- With positive Chinese data released, it’s not surprising to see metal prices in demand, and as a resultant we find miners amongst the biggest risers driving the FTSE. Vedanta Resources being the strongest up 1.7% at 1089. But it’s fund manager Schoders who are the biggest risers so far this morning; they’re trading higher by over 3.3% at 1649, although it’s another financial stock Hargreaves Lansdown that are the biggest fallers down 1.5% at 745.
- As the day progresses it’s likely the major retailers could be in focus as the media dubs today as Cyber Monday, and expect today to be the most hectic day for online shopping.
- Other than the positive Chinese and Indian PMI figures, there isn’t much by way of major economic data released today although UK 10-year bonds will be auctioned at 10am.
- We do have a very busy week ahead with five central banks discussing monetary policies so plenty of opportunities ahead.