Markets rally on quiet day
|Heading into the close, the FTSE 100 is up 50 points, while US equities start the day in bullish form.
It is a Friday, so today must be ‘hope for trade deal progress’ day in markets. Indices on both sides of the Atlantic are in positive territory, with US futures shrugging off some early weakness to move higher. On a day of sparse macro news, markets are bound to be receptive to hopes that the US and China are moving toward a conclusion, but such optimism fades easily if a denial comes through. However, equities have recovered their poise from the wobble last week, and have been moving higher all week, defying those who had thought a renewed bear market was at hand. If the S&P 500 can close above 2815 today then it has further solidified its position, and talk of new all-time highs cannot be
far off.
The 9% in Restaurant Group’s shares barely puts a dent in the decline, and ‘better than feared’ when it comes to sales is hardly a winning strategy. The Wagamama chain offers the chance of improvement, but in a competitive market with pricing pressures one set of good numbers is hardly enough to drive a meaningful change in the longer-term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.