The FTSE 100 has hit a new high today, while Wall Street is focusing on the better tech earnings last night, in a bid to forget about sticky inflation data, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 touches fresh record high
“The bidding bonanza for UK-listed firms goes on, and this is acting as a constant reminder to global investors that, even with the FTSE 100 at a record high, UK stocks look cheap compared to their US cousins. At this point it almost seems like every major stock in the UK is up for grabs, so traders can hardly be blamed for piling in, in the hope that more big UK names are the subject of takeover offers.”
Tech earnings counter inflation worries on Wall Street
“US stocks have made more gains this afternoon, thanks mainly to the positive afterglow from last night’s big tech earnings. But the persistence of inflation and its refusal to keep heading lower will be a major headache for US markets, and will cast a long shadow over next week’s Fed meeting.”
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