A solid start in Europe this morning, with gains largely across the board
Mansur Chowdhury May 29, 2012 2:51 PM
<p>A solid start in Europe this morning, with gains largely across the board, but especially of note are the mining firms that are leading the […]</p>
The video cannot be shown at the moment. Please try again later.
- A solid start in Europe this morning, with gains largely across the board, but especially of note are the mining firms that are leading the way mainly because base metal prices have strengthened on hopes of improved demand from China. That combined with bullish sentiment from US futures yesterday and also strong performance in Asia have had a knock on effect in a positive way this morning.
- FTSE is at 5370, so 20 points up, the DAX is at 6360, 30 points higher and the CAC is at 3055 so about 15 points up so far.
- So as mentioned earlier the miners are amongst the biggers risers with Kazakhmys and Vedanta leading the FTSE risers, up about 3.5% and 3% respectively.
- Only a few stocks in the red, but noteworthy fallers are Wolseley PLC. The plumbing firm are over 4% down at 2205p after reporting their third quarter results, indicating a slowdown in growth.
- The dollar index is seen to be easing this morning, usually an indication of increased risk appetite and as a result we see GBP/USD up 0.2% at 1.5697 and the EUR/USD up 0.25% at 1.2555. Gold is also higher by 0.1% at 1577.
- In economic data keep an eye out for German Consumer Price Index figures, and US Consumer Confidence figures a bit later.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.