FTSE 100 stages impressive rebound

Chris Beauchamp IG

Stock markets and oil traders continue to bet on a US-Iran deal despite the ramping up of aggressive rhetoric in Washington, says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.

FTSE 100 on the front foot

The FTSE 100 is enjoying its best day in a month, rebounding from yet another test of the 10,200 level amid a broader rally for global equity markets. It marks the second time in 48 hours that bulls have attempted to seize control of the tape, and is all the more impressive given that it takes place to a backdrop of higher US PPI, a hiking ECB and Oracle’s disappointment last night.

Oil struggles despite threats of action

Trump appears to be running through the Iran war hits of three months ago, only much faster. Yesterday he threatened to restart the war, and now a seizure of Kharg is back on the agenda. But oil remains quiet, as traders take the view that his clear preference for a deal points towards an attempt to pile on the pressure on Iran to get an agreement across the line.”

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

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