The FTSE 100 was up 104 points this morning
City Index April 20, 2011 6:30 PM
<p>The FTSE 100 was up 104 points this morning. The CAC 40 was up 119 points and Dow futures are up 62 points so far […]</p>
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- The FTSE 100 was up 104 points this morning. The CAC 40 was up 119 points and Dow futures are up 62 points so far on the day.
- On Tuesday the Dow closed up 65 points with stocks rising and recouping some of Monday’s steep losses as positive earnings helped to overcome worries about the US ability to tackle long term fiscal woes.
- US home construction in March rose from very low levels in February but overall activity for the sector remains weak. Housing starts also came in better than expected.
- UK opened this morning with a rally in tandem with gains in Asia and Wall Street as some corporate results built up optimism about the earnings season. The market has recovered some of the sharp falls made in the previous session thanks mainly to strength in oversold commodity issues.
- US dollar weakness sent crude oil higher after a report showing Eurozone growth sent the greenback currency falling against the euro.
- Spot gold has hit record highs on a weak dollar, currently at 1500.6.
- Copper was also buoyed by US housing market data and a weak dollar.
- Data on existing US home sales, to be released at 2pm GMT, is expected to highlight the real state of the US housing economy.
- Back in the eurozone, the German IFo business climate will be released at 9am on Thursday. The report is used as an indicator of current conditions and business expectations.
- At home, UK retail sales figures will be released at 9.30am on Thursday, followed by the Philadelphia Fed Survey at 3pm GMT.
- In the US, Apple, Amex, AT&T and Wells Fargo will be announcing results before the markets close for the long weekend on Friday.