Having neared 2 month lows last Friday the FTSE lifted more than half a percent to sit just below 7350 this morning.
Spreadex Analyst, Connor Campbell noted “The thrust of the UK index’s growth stemmed from the commodity sector, itself boosted by the latest 0.5% jump from Brent Crude, the black stuff now trading at $49 per barrel for the first time in around a month.”
“The morning’s main focus is on June’s manufacturing data, the first of the week’s 3 PMIs set to give investors a fuller idea of how the UK economy performed across the second quarter. Analysts are expecting the figure to slip slightly, from 56.7 to a 3 month low of 56.4, news that, if accurate, may take the edge off the pound.”
“Eurozone indices are attempting to claw back the losses incurred after the euro hit a 14 month high against the dollar. The DAX huffed and puffed its way back across 12400 with an 80 point increase; admirable, but still 300 points away from where it was on Thursday.”
“The CAC was a bit livelier, jumping just shy of 1, though like its German counterpart the French index has a way to go before its back where it was this time last week.”
“Let’s see if the morning’s manufacturing PMIs can help the indices out; the German figure is set to come in at an impressive 59.3, with the French reading at 55.0.”
Over in the US, Markets closed mixed on Friday. Accendo Markets Analyst, Mike van Dulken commented “Tech again underperforming to drag the Nasdaq lower and markets trying to decipher mixed data after Chicago PMI’s big jump.”
“Energy outperformed thanks to Oil’s continued gains after the Baker Hughes rig count posted its first drop – albeit very slight – in 24 weeks.”