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FTSE on track for best week in a month – live updates

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Markets are still looking rosy ahead of Wall Street’s open at 2.30pm BST.

The FTSE 100 has now inched up 0.6pc for the day, reaching 7,088 points, as safety equipment manufacturer Halma and coal miner Thungela leading the way with rises of 3.28pc and 3.97pc respectively.

Miners Evraz and Glencore are also enjoying share price bumps following a record yearly leap in domestic economic output for April bolstered traders’ confidence in a robust recovery.

However, BT has fallen 2.69pc, almost erasing yesterday’s 3pc climb on the back of Altice buying a 12pc stake in the telecoms giant.

Europe mirrored the FTSE’s surge, with Germany’s Dax 0.55pc higher and France’s Cac up 0.73pc.

So far Wall Street looks set to join the global jump amid growing confidence inflation will prove transitory, leaving scope for continued central bank support.

S&P 500 Index futures rose as much as 0.2pc after the  MSCI All Country World Index benchmark gauge scaled an all-time high on the back of US consumer price data showing May’s increases were closely associated with economic reopenings. That suggests such price surges may ease as demand returns to more normal levels.

“It takes a brave investor to fight the Fed but it is becoming increasingly difficult to hold firm as inflation reaches 5pc year-on-year,” Lewis Grant, senior global equities manager at Federated Hermes, wrote in a note. A “combination of attractive valuation and price momentum is likely to lead quantitative investors and systematic strategies to increase their allocation” to cheaper parts of the market, he said.





Read More: FTSE on track for best week in a month – live updates

2021-06-11 15:52:09

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