FTSE rises 100 points following fiscal cliff deal in the US
City Index January 2, 2013 5:50 PM
<p>- The markets were strong this morning, with the FTSE up 100 points and the DAX up 250 points at 9am. – This is following […]</p>
The video cannot be shown at the moment. Please try again later.
- The markets were strong this morning, with the FTSE up 100 points and the DAX up 250 points at 9am.
- This is following the news that a deal has been reached in the US to stop the economy from sliding over the ‘fiscal cliff’ into a recession.
- The agreement prevents tax hikes and spending cuts, which has boosted optimism for traders in the new year.
- There were only two losers within the FTSE this morning – British American Tobacco and Morrison Supermarket.
- The mining sector led the way as copper prices reached a two-week high and Brent Crude was at its highest level for one month. Banks were also performing well, with Barclays opening up 4%.
- At 9.30am this morning, UK manufacturing figures were released, coming in better than expected at 51.4. This has helped the FTSE break through the 6000 level for the first time since March and it is now at its highest level since July 2011 so it has been a strong start to 2013.
- Finally, the US ISM Manufacturing PMI is out at 3pm this afternoon, and US and Japanese markets will be re-opening at 11am this morning.
StoneX Financial Ltd (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.