Markets Stronger after positive Chinese Data
City Index January 17, 2012 5:38 PM
<p>After the S&P downgraded nine European nations over the weekend, they continued their assault on the European sovereign debt situation with a downgrade of the […]</p>
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- After the S&P downgraded nine European nations over the weekend, they continued their assault on the European sovereign debt situation with a downgrade of the EFSF.
- After Chinese GDP data came in better than expected, the focus will be on mining stocks and we have seen this in early trading.
- Currently we have the FTSE up 45 points at 5702, and across Europe things are also looking rosy, with the DAX up 1.3% and CAC up 1%.
- Leading the FTSE’s rise this morning is RBS, up 4.5% while the miners are not too far behind after strong Chinese data.
- IG Group once again posted impressive results, and is trading up 1.4% on the day. On the downside we see Burberry, the biggest faller, down 1.7% after a mixed trading announcement.
- On the macro front we have inflation numbers at 9.30am and at 1.30pm we have the US Empire State Manufacturing Index.
- We also have a raft of trading announcements to look out for, with Citigroup and Wells Fargo bound to be of interest after JP Morgan’s results last week showed the tough position which many banking institutions are in at the moment.
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