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>
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- 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.
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