Miners help boost FTSE as dollar drives US strength
|The FTSE has suffered at the hands of a stronger pound, with the likes of the Nasdaq and S&P 500 rising thanks to a sharp drop in the dollar.
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Nasdaq and S&P 500 hit fresh high
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US inflation sinks the dollar
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Miners help boost the FTSE
The Nasdaq and S&P 500 have hit fresh record highs today, as US indices enjoy the repercussions of another down day for the US dollar. On a day where US data was always likely to take precedence, the disappointing inflation data has certainly done little to help interest rate hike expectations, with the dollar sinking in response. With core US inflation rising by only 0.1% over the month, the case for a US rate rise isn’t necessarily boosted heavily by today’s inflation data, yet with retail sales rising sharply in September, there is reason to believe the consumer-reliant US economy will continue to grow healthily in the coming months.
Chinese trade data has, by and large, kept the FTSE afloat today, with a sharp rise in imports and exports driving the FTSE mining sector higher, with Rio Tinto, Glencore, and Anglo American the three market leaders today. With a big week ahead for Chinese data, we are likely to see the influence of the mining sector play a bigger role in FTSE fortunes.
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