FTSE 100 seen on front as US stimulus speculation salve sentiments
The FTSE 100 looks set to begin the fourth quarter on the front foot, as equity markets broadly find support.
London’s blue-chip benchmark is seen about 17 points higher with CFD firm IG making a price of 5,882 to 5,885 with just over an hour to go until the open. FTSE 100 ex-dividends take 4.93 points off the index this morning.
US politics remain a focus for traders, albeit not the televised shouting contest between Donald Trump and Biden which whilst making much noise has yet to move markets.
Attention has been on the US Treasury Secretary, Steven Mnuchin, and the prospects for COVID-19 economic reliefs which continues to a political football. Republican Mnuchin seeks to engage with Demoncrats over stimulus, amidst a two-month political standoff, and evidently it appears to salve trader sentiments too.
“Earlier this week, the Democrats called for a scheme that was lower than previously proposed, they put forward a package worth $2.2 trillion. The Republicans are believed to be keen on a deal worth roughly $1.5 trillion, so there is still a big gap in when both sides want,” said David Madden, analyst at CMC Markets.
“The commentary from Mr Mnuchin gave dealers hope that some sort of a compromise might be achieved.”
On Wall Street, the Dow Jones added 329 points or 1.2% on Wednesday to close at 27,781.
The S&P 500 gained 0.83% to mark a close at 3,363 and the Nasdaq finished 0.74% higher at 11,167.
The small-cap focused Russell 2000 benchmark, meanwhile, notched up just 0.2% to 1,507.
In Asia, Japan’s Nikkei was trading flat at around 23,184. There is no trading in Hong Kong or Shanghai due to the National Day public holidays.
Around the markets
The pound: US$1.2938, up 0.14%
Gold: US$1,892 per ounce, up 0.28%
Silver: US$23.68 per ounce, up 1.39%
Brent crude: US$40.95 per barrel, down 0.19%
WTI crude: US$40.23 per barrel, up 2.39%
Bitcoin: US$10,824, up 0.7%
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/930432/ftse-100-seen-on-front-as-us-stimulus-speculation-salve-sentiments-930432.html
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