New FTSE 100 high while Oil rebounds
|The FTSE 100 goes from strength to strength, hitting fresh highs today, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 hits new highs
Equities continue in resilient fashion despite Tesla casting a shadow yesterday, with the FTSE 100 the star of the day. More good UK corporate updates have combined with a solid start to earnings season overall that has allowed investors to ignore Trump's fresh threats about exports to China. This rally continues to be broader and more resilient than many think, especially since it comes with such a hefty dose of worry about a bubble.
Oil price rally catches bears off guard
Trump's flip-flopping in his approach to Russia has caught oil bears on the hop today. Already this week we have seen a drop in US inventories causing a sharp move higher, and now fresh sanctions have caused another leap that has meant that crude is revelling in its best three day move since June. Selling such rallies has been the way to go for months but for now the pain trade is higher.
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