FTSE 100 kicks off Q4 with record highs
|The FTSE 100 put its best foot forward on day one of the fourth quarter, powered by gains for pharma stocks, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 surges to new record high
Pharma stocks have injected new life into the FTSE 100’s rally this week, with today’s gains complemented by a surge for JD Sports after Nike’s earnings last night. Investors have taken news that the sector will sell direct to US citizens as a way of turbocharging earnings overall, rather than worrying about the impact of reduced prices. European stocks continue to rediscover their strength too, underlined by the Dax’s surge to a one-week high.
US stocks shrug off shutdown
A weaker morning for US futures has given way to tentative gains. Once more bad news is good news it seems, after another shocked on employment data, this time from the ADP survey. Job growth in the US seems to have reached a nadir, and it is this that will have the Fed worrying that the current pace of cuts is not sufficient. The calls for a 50bps move will grow louder from here.
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