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>
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- 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.
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