FTSE Starts Strong As Pound Gains Against the Dollar

The FTSE 100 got off to a strong start this morning, as the pound inched up against the dollar, recovering slightly from losses on Friday. The UK’s leading index has benefited from strength in US stocks and in the Asian markets, which were boosted by a spurt of M&A activity.

shareprices.com - Monday, July 10, 2017

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Shares in Carillion slipped by more than 35 percent during the early hours of trading, with the support services group saying that its overall performance was likely to be poorer than expected, and that the company’s chief executive, Richard Howson, had stepped down after two years at the job. Shares currently stand down by 62.5p.

Meanwhile, the pound has made some modest gains against the dollar, but there is still a lack of conviction towards the $1.30 level. The pound managed to open upbeat, thanks in part to improved demand in UK financials, and firm energy prices. Appetite for the currency, and energy prices, are two things that will likely determine the FTSE’s potential as it approaches the 7,400 mark.

Internationally, German exports increased more strongly than expected, outpacing an increase in imports, and causing the trade surplus of the German economy, which is the biggest in Europe, to grow The figures highlight how well the German economy is performing as it heads towards the federal election in late September, which will see Chancellor Angela Merkel hoping to secure a fourth term in office. The strong data also fuels calls for Berlin to increase investment and boost imports.


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