The FTSE 100 is trading higher by around 15 points this morning as UK blue chips have begun the week in a positive mood. The pound is little changed so far today after closing Friday at its highest level of the year against the US dollar, as Brexit secretary David Davis begins a second round of negotiations in Brussels this morning.
Strong Chinese data boosts Miners
Data released overnight from China has boosted Anglo American and Glencore since the open with the mining stocks both sitting on gains of approximately 2%. The latest GDP figures from Beijing show an annualised rise of 6.9%, which was inline with the previous reading and slightly better than consensus forecasts. The industrial production number was arguably even more positive in showing an increase of 7.6% year-on-year, matching the best figure seen in 2017 and exceeds all readings last year. Whilst there remains a high degree of skepticism over the accuracy of data points from the Far East, the initial reaction has been positive and attracted buyers into London-listed stocks with exposure to China.
ITV sees stock rise on new CEO appointment
The best performing stock on the leading index in London is ITV, with the broadcaster trading higher by 3% after announcing Carolyn McCall as its new chief executive. Previous CEO Adam Crozier left last month and news that Ms McCall, who is currently the boss of budget airline EasyJet, will take over the reigns in the new year and this has been greeted warmly by investors. Rolls Royce currently sits at the foot of the FTSE 100 leaderboard with the manufacturing firm lower by more than 1% and retesting the 900 handle.
CFD’s, Options and Forex are leveraged products which can result in losses that exceed your initial deposit. These products may not be suitable for all investors and you should seek independent advice if necessary.