FTSE Hits New Record High

The FTSE 100 hit a record high, after the oil price rallied. The UK’s leading index hit an intraday high of 7,460, with miners being the best performers.

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shareprices.com - Monday, May 15, 2017

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There was some bad news coming out of Greece. The country’s GDP shrank by 0.1 percent during the first three months of the year, following on from a 1.2 percent fall between October and December. This put the country back into a recession, which reflects the fragile economic state of the country following years of austerity and the upheaval surrounding the country’s political system.

The Chinese president Xi’s plans to improve the country’s infrastructure have helped to boost several shares around the globe. The Chinese government announced plans for a “Silk Road” project, fostering free trade for the area. The plans will require spending of $124 billion, and the news has already boosted Brent Crude prices by $1, and boosted investor sentiment.

The FTSE 100 has shrugged off concerns about the WannaCry ransomware attack which hit the NHS last week. The recovery in the price of Brent Crude is up by two percent, lifted by the news that Saudi Arabia and Russia were willing to support the extension of the current OPEC output capping agreement. There are many oil companies in the FTSE 100, and many miners too. China is the leading consumer of basic materials and the news of the president’s trade plans has helped to improve investor sentiment towards those companies, after some poor growth reports last week.

 

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