FTSE off to Strong Start

The FTSE 100 opened squarely in positive territory following some positive news about the health of the economy in China, which outweighed any ongoing concerns over the political tensions around North Korea.

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shareprices.com - Thursday, August 31, 2017

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The UK’s leading index opened up by just under 20 points, at 7,385.11, with manufacturing growth in China providing a boost. More locally, Bank of England rate setter Michael Saunders called for an interest rate hike, as he predicted that inflation would hit three percent soon, which would put it a full percent above the target rate.

Miners were the biggest drivers of growth in the index, with Antofagasta gaining three percent during early trade. Basic materials are strongly tied to the economy in China, which is the biggest consumer of such resources in the world.

In other news; interim results from Restaurant Group, the owner of Frankie and Benny’s, proved encouraging and shares in the group increased by 13 percent.

Yesterday saw the European markets make a modest recovery as tensions around North Korea began to wane, and today looks set to continue that trend. The US markets also looked strong, wth the S&P 500 closing up for the fourth successive day. The Dow Jones is up by 27 points, and the Nasdaq advanced by more than one percent. Asian markets were mixed, with the Nikkei up by 0.8 percent, while the Shanghai Composite and the Hang Seng were both on the back foot slightly, down by 0.79 percent and 0.48 percent on the day.

 

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