Friday 11 June 2010

FTSE 100 seen higher after Dow Jones, S&P 500 and NASDAQ rally

The FTSE 100 is seen 0.4% higher after gaining 0.9% yesterday. It was reported that continuing jobless claims hit 17 month lows after declining by 255,000 last week. Initial claims fell by 3,000, which was a lesser decline than expected.
Chipmaker ARM Holdings (LON:ARM) emerged atop the leaderboard with a 6% advance. Fashion house Burberry (LON:BRBY) added 5%, software developer Autonomy Corporation (LON:AU) and part-nationalised bank Lloyds (LON:LLOY) tacked on more than 4.5%, while copper miner Eurasian Natural Resources (LON:ENRC) rose 4.5%. Peer Xstrata (LON:XTA) added 4.3%, while another miner Rio Tinto (LON:RIO) and Scottish & Southern Energy (LON:SSE) climbed 3.7%.
Oil and gas supermajor BP (LON:BP) was again was a drag on the index, sliding 6.7%, while peer Shell (LON:RDSB) shed 1.1%. Home Retail Group (LON:HOME) was the only other FTSE 100 constituent to lose more than 1%, declining 1.1%.
The Dow Jones Industrial Average rallied 2.7%, the broader S&P 500 index surged 2.95% and the technology heavy NASDAQ composite rose 2.8%.
Asian markets were on the rise today. Hong Kong’s Hang Seng and South Korea’s KOSPI climbed 1.4%, China’s Shanghai Composite Index advanced 0.3%, Japan’s benchmark Nikkei 225 rallied 1.7% and Australia’s S&P/ASX 200 added 1.6%.
Commodities
Oil prices extended yesterday’s gains.
July Brent Crude rose to US$75.25/barrel, while US light, sweet crude reached US$75.37/barrel.
Precious metals advanced. Gold improved to US$1,221/oz, while silver and platinum reached US$18.32/oz and US$1,538/oz respectively.
Base metals followed. Copper and nickel moved up to US$2.89/lb and US$8.54/lb, while zinc advanced to US$0.77/lb.
UK industrial and manufacturing production is due out today. The University of Michigan consumer confidence index will be out in the US today along with US business inventories and retail sales.

http://www.proactiveinvestors.co.uk/companies/news/17546/ftse-100-seen-higher-after-dow-jones-sp-500-and-nasdaq-rally-17546.html

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