Markets hold on to gains as FOMC confirms there will be no tapering for QE
Trading Floor News July 12, 2013 8:29 PM
<p>The markets have held on to the gains that were made as a result of Ben Bernanke’s comments on Wednesday evening in which he eased […]</p>
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The markets have held on to the gains that were made as a result of Ben Bernanke’s comments on Wednesday evening in which he eased fears of any kind of tapering in the near future.
The FTSE is currently trading up 13 points at 6568 and Wall Street Futures are pricing up 10 points around the 15470 level. The DAX is also up 60 points, quoted at 8230.
The most notable riser of the day was Invensys who receive a takeover approach from the French company Schneider Electric. Invensys are expected to accept the offer, which values the company at £3.3bn.
On the other end of the scale, Reckit Benckiser shares have been hit by a healthcare provider in the states, dropping a version of their drugs. The euro and pound are holding on to the majority of the gains made against USD in the last several days.
However we have just had a PPI result that came out higher than expected, which may give the dollar some strength leading in to the weekend. There is one more figure of note today and that is the consumer sentiment figure from the states at 2.55pm BST.
That’s it for this week. We’ll be back with another market update on Monday.