European markets take a breather after last week’s gains, FTSE 100 holds 6000.
City Index April 4, 2011 7:12 PM
<p>The FTSE 100 managed to hold onto the psychologically important 6000 level on Monday with investors keen to add to their long positions. Buying momentum has continued […]</p>
The FTSE 100 managed to hold onto the psychologically important 6000 level on Monday with investors keen to add to their long positions. Buying momentum has continued on from last week although at a slightly more subdued pace today, mainly due to the lack of economic data coming out of Europe and the US Also weighing on markets has been the recent strong surge in the price of Brent Crude, now trading around $120 a barrel on continued Middle Eastern concerns.
Leading the advancers on the FTSE 100 today was Aggreko, up over 5 percent on the day and briefly touching a new all time high of 1702. The temporary power provider said on Monday that it planned to ship diesel and gas generators to Japan to help the Tokyo Bay area after the recent earthquakes. Also showing good gains on the day are shares in Fresnillo after the price of silver hit a new 52 week high.
Investors will likely focus their attention towards the FOMC minutes tomorrow evening before looking further ahead to the big event of the week on Thursday, the ECB rate announcement. Nearly all economists polled on the rate announcement are expecting to see the European Central Bank to hike rates by 25 basis points. With the actual rate hike very much priced into markets Investors will be listening closely to the following press conference at 13:30 London time for clues on further future tightening.
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