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>

The video cannot be shown at the moment. Please try again later.

  • 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.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

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.

For further details see our full non-independent research disclaimer and quarterly summary.