FTSE Ends High Despite Weak Wall Street

The FTSE 100 closed on a high note in spite of a weak wall street, while the European Central Bank’s meeting on Thursday brought no surprises in terms of changes to interest rates.

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shareprices.com - Friday, September 08, 2017

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The FTSE 100 was up by more than 42 points on Thursday - ending the day at 7,396 - while the FTSE 250 ended the day up by 26 points. Meanwhile, brent crude gained 1.9 percent, and the price of gold increased by 0.42 percent.

In the currency markets, the pound gained 0.51 percent against the dollar, and slipped by 0.3 percent against the euro. Financial groups and miners lagged, with Admiral PLC being the biggest loser of the day as it went ex-dividend. Meanwhile, Micro Focus International gained 2.76 percent, making it the top performer of the day.

In New York, things were rather different, with the Dow Jones getting off to a weak start, shedding 23 points during early trading, and the Nasdaq also performing poorly.

The ECB’s meeting disappointed, with the bank deciding to make no changes to interest rates. There have been some encouraging results based on the ECB’s current monetary policy, and the bank will be waiting to make a move for at least another month. ECB President Mario Draghi gave no hint of any plans for tapering, and this means that the markets are destined for more months of speculation over tapering and interest rates, while we wait for the central bank to publish their formal plans.

 

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