Positive day for stocks on tariff pause
|The pause on fresh EU tariffs and a better consumer confidence figure have helped to maintain the risk-on move in stocks, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Tariff turnaround takes FTSE 100 past 8800
UK and US investors returned from their respective long weekends with a spring in their step thanks to the abrupt decision to pause higher tariffs on the EU. The half-life of each tariff increase continues to get shorter and shorter, and traders continue to fade the move. While the Dax pushes on to a new record high, the FTSE 100 finds itself around 100 points away from its own peak.
US consumer confidence rebounds
It is unwise to hope that all upcoming US data will be as encouraging as today’s confidence figure, but it is certainly a relief that US consumers have managed to maintain their sunny outlook. An early wobble for Wall Street on the open gave way to more gains, though of course there is still tomorrow’s hurdle of Nvidia earnings to navigate.
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