FTSE Rebounds after Korea Troubles

After a difficult week triggered by tensions between the US and North Korea, the FTSE 100 has rebounded, climbing by 45.34 points, up to 7,355.30. Monday was a quiet day for fundamentals, but broker recommendations were enough to spark some movement. Last week, escalating tension and rhetoric between the US and North Korea had spread fear across the markets, and pushed many investors to look towards gold and the more defensive stocks, as well as traditional safe-haven currencies, dragging the FTSE 100 and other similar markets down.

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shareprices.com - Monday, August 14, 2017

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Standard Chartered

One of the top performers of the day was the travel company TUI, which gained 5 percent after Credit Suisse upgraded it to neutral from underperform.

Meanwhile, financial and mining stocks enjoyed some movement, with Standard Chartered gaining 2.3 percent Glencore up by 2.1 percent, and Prudential up by 1.6 percent. The European equity markets have managed to shake off a lot of the fear that they saw last week, and are moving back from defensive stocks and commodities, into the slightly riskier assets that were once in favour.

In the currency markets, the pound slipped by 0.3 percent against the dollar, down to $1.2971, and has remained stable at 1.1000 against the euro. The weakness of the pound against the dollar could be helping the FTSE 100, as many of the stocks that are listed on the London index take their earnings in dollars, and therefore have better balance sheets when their earnings are converted back into pounds.

 

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