It’s been a fairly quiet week so far, and the markets are in range

<p>It’s been a fairly quiet week so far, and the markets are in range. The FTSE hit a one-month high of 6056 on Wednesday and […]</p>

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  • It’s been a fairly quiet week so far, and the markets are in range.
  • The FTSE hit a one-month high of 6056 on Wednesday and was slightly down at 6024 today in anticipation of the MPC meeting.
  • No surprises by the MPC, the rate held at 0.5% – and more pressure is on for change in May.
  • ECB interest rates were due at 12.45pm and the market expected a rise of 25-basis-points. Any change on that and we can expect some big moves.
  • Despite stronger banks today, RBS and HSBC were up by 1.5%.
  • The market was dragged lower by GKN, which fell 3.5% and by Vedanta, which slipped 3%.
  • Vedanta is down ahead of results tomorrow and the ongoing deal to buy Cairn’s Indian Assets, which had its deadline extended.
  • Earlier highlights of the week included strong results from M&S, following which the stock topped the FTSE on Wednesday, trading at 357p today.
  • We also saw a strong recovery from BP, which is currently trading at 475p.
  • Gold was a major highlight of week, touching $1462 per ounce.
  • Commodities are back in focus, spurred on by a weaker US dollar. Brent crude and Nymex are continuing their uptrend.
  • Brent crude for June was trading at $121.50 per barrel today.
  • GBP/USD is firm at around 1.63 while EUR/USD went above 1.4350.
  • Looking ahead, weekly job figures are due 1.30pm (London time) and tomorrow, keep an eye out for UK PPI at 9.30am (London time).
  • Full-year results from Vedanta Resources are also due to be announced.

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