Last night’s horror in Manchester failed to dent the FTSE 100 today – but only just. The Big Board ended Tuesday just 2.45 points up at 7,498.79. Babcock shares surged almost 3% to 969.50p thanks to positive noises on the stock from Deutsche Bank. easyJet shares were also in demand, clmbing 2.52% to 1,301p.
Kingfisher shares though slipped almost 2.5% to 359.20p though its shares had seen gains last week. There is still some debate over valuations on Kingfisher's mail-order plus bricks-and-mortar Screwfix operation.
Looking ahead, it’s widely expected OPEC will extend the production cut later this week. Oil markets, says investment mangers Blackrock, “have already partially priced it in, we believe”. The pound was trading at 1.2984 tonight with the euro at 1.1199.
- UK FTSE 100 7,496.34 +0.34%
- Dow 20,927.28 +0.16%
- S&P 500 2,398.18 +0.17%
- Nasdaq 6,138.09 +0.07%
- DAX 12,650.11 +0.24%
- CAC 40 5,347.26 +0.46%
- Gold 1,259.70 -0.13%
- Oil WTI 51.33 +0.39%
US stocks disquiet
The bearish sentiment on US stocks continues. The American Association of Individual Investors (AAII) has reported that bullish sentiment stands at 23.85% up to 18 May – a chunky 8.88 points down from 32.73% the preceding week, 11 May.
Earlier there was unexceptional US PMI data from Markit plus rather weaker US New Home Sales numbers.
EUR/USD failed to make real headway; the euro’s recent bullishness is meeting some resistance.
“At the beginning of April, the currency was trading at 1.0580 and less than two months later it’s climbed 6.5% to 1.1265, representing one of the more consistent upward moves that the Euro has seen in years,” said Jordan Hiscott, chief trader at Ayondo Markets.