[LONDON] Positive Wall Street sets the pace

Yesterday’s positive session on Wall Street is helping set the pace for London equities this morning, with some broad-based gains being recorded.

By Tony Cross, Monk Communications, 28th September 2016

 TUI is topping the board on the back of some well received earnings, which are certainly worthy of note given the uncertain economic and geopolitical backdrops the company is working against, whilst commodity stocks are also finding support over some nascent optimism ahead of today’s Opec meeting in Algeria. Although there’s no expectation that supply constraints will be implemented, there are certainly hopes that something of a roadmap will be laid out.

We have a couple of key economic releases from the US today, including durable goods orders and also Janet Yellen’s testimony before lawmakers in Washington. Again any clues in the latter over likely next steps for monetary policy will be closely followed, but in the short term, arguably it’s going to be the nuances of that Opec meeting that hold the most potential for markets.