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FTSE 100 seen higher as global stocks rally

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The FTSE 100 is seen starting Thursday on the front foot after US markets whipped a turnaround after Wall Street began the week with back-to-back declines.

In London, CFD firm IG Markets makes the blue-chip benchmark some 25 points higher, with the price quoted at 6,926 to 6,929 with just over an hour to go until the open.

On Wall Street last night, the Dow Jones advanced 316 points or 0.9% to close Wednesday at 34,137.

The S&P 500 similarly rose by 0.9% to 4,173 at the end of play, and, the Nasdaq rose further, adding 163 points or 1.19% to finish at 13,950.

The small-cap centric Russell 2000 gained some 2.35% to 2.239.

“While the about turn is a welcome respite from the start of the week, the rebound can’t disguise the divergence taking place in various countries when it comes to vaccination levels and infection rates,” said Michael Hewson, analyst at CMC Markets.

“Despite these concerns travel stocks enjoyed a decent rebound led by cruise lines and airlines. While the US and UK appear for now to be on top of the virus, it is still running riot in Asia, with India and Japan suffering acutely, while the situation in Europe appears to have steadied for the time being.

“This turnaround looks set to see markets here in Europe open higher, ahead of today’s European Central Bank rate meeting.”

Elsewhere, in Asia, Japan’s Nikkei climbed 590 points or 2.08% to 29,100 whilst Hong Kong’s Hang Seng gained 0.38% to 28,729. The Shanghai Composite meanwhile was down 0.14% at 3,465.

In Europe, attentions are on the ECB meeting later today which will be followed for any stimulus news. Commentary and insights around inflation will also be keenly eyed.

Around the markets

The pound: US$1.3933, up 0.01%

Gold: US$1,792 per ounce, up 0.76%

Silver: US$26.47, up 2.37%

Brent crude: US$65.06 per barrel, down 2.26%

WTI crude: US$61.10 per barrel, down 2.5%

Bitcoin: US$54,341, down 1.87%

Story by ProactiveInvestors


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