UK stocks set to profit from strong US market | City A.M.
AFTER a wobble on Friday brought on by concerns about China’s economy, UK stocks are set to bounce back this morning thanks to a strong close by US markets before the weekend.
GFT is quoting the FTSE 100 index to open up 30 points from Friday’s close, at a level of 6,002. Elsewhere in Europe the German Dax is called up 25 points at 7,100, and the French CAC is quoted up 17 points to open at 4,000.
A strong push by US stocks after the European markets had closed on Friday is set to give sentiment a positive boost to equities on the open today.
The Dow closed at a 30-month high following impressive earnings from JP Morgan as well as encouraging industrial production data, with the rally coming ahead of today’s stock market holiday in the States for Martin Luther King Jr day.
The spotlight is likely to remain on the US for the rest of the week as we have several major financial and tech firms announcing their quarterly earnings, including Apple and Google on Tuesday and Thursday, and American Airlines and Bank of America on Wednesday and Friday.
Martin Slaney is GFT’s director of global dealing operations.