Stocks are making headway again this afternoon, though the possibility of a strong print in tomorrow’s US payrolls data looms large, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 makes another try at 8000
“Today’s action on the FTSE 100 has been driven by a combination of mining stocks and yield plays. While the commodity rally might be taking a breather today, mining stocks like Fresnillo and Anglo American have been firm favourites of late, and there’s no sign of that move slowing down. Meanwhile investors continue to snap up yield stocks, as expectations of lower rates later in the year dominate.”
Dow tiptoes higher
“A rise in unemployment claims has helped US stocks to build on yesterday’s recovery, but after the solid ADP report yesterday traders once more prefer to sit on their hands ahead of tomorrow’s payroll report. A procession of Fed speakers is also keeping risk appetite in check, though once more US indices appear to have successfully avoided a deeper sell-off, continuing the overall bullish theme.”
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