Mid-afternoon FTSE 100 miners, boosted by higher commodity prices, were in the ascendant with Fresnillo and Anglo American seeing +3.4% and +2.75% gains. Rolls-Royce and Ferguson fared less well, down -1.7% and -1.6%.
Continued thin trading in the US did little to liven the fag-end-of-Christmas atmosphere. A significant number of traders remain on holiday and the sheer effort to get the Trump tax bill passed last week means a measure of exhaustion persists from several quarters.
But the lack of action means no news is good news – no meaningful impetus to sell. Overall, the Dow was up +0.12% at 24,775 late afternoon, UK time.
One story came to the fore: China’s Gheely looks set to take an 8% stake in truck maker Volvo Group. If a €3.25bn deal with owner Cevian Capital goes through it means Volvo cars and trucks would return to shared brand genes. Shares in Volvo Group have surged in the last 18 months under ex-Scania man Martin Lundstedt.
The FTSE 100 ended 28 points higher tonight while the pound was up +0.13% against the dollar at 1.3394; the euro jumped +0.24% against the greenback to 1.1893.
- UK FTSE 100 7,620 +0.37%
- DAX 13,049.18 -0.18%
- CAC 40 5,363.69 -0.02%
- Dow 24,740.81 -0.03%
- S&P 500 2,682.10 +0.06%
- Nasdaq 6,945.83 +0.14%
- Nikkei 225 22,911.21 +0.08%
- Gold 1,289.80 +0.18%
- Oil WTI 59.69 -0.47%
Labour piles pressure on Hammond for post-Brexit 'intel'
In the UK Labour politicians are continuing to keep the pressure up on Chancellor Philip Hammond for the release of sector-by-sector impact assessments on how the UK will fare, post-Brexit.