As these figures are widely expected to demonstrate the continued
strength of the US economy, GBP/USD fell over 100 points against the
dollar in Asian trade before finding support at the 1.7250 level in
early Europe. Despite a disappointing PMI manufacturing release,
which printed at 50.8 compared with 51.9 anticipated, the pound was
able to fend off further losses as the market has already turned its
attention to the companion survey in the US due out at 15:00GMT
today. As of 11:10GMT, the GBP/USD had backed away from the day’s
low and was holding around a bid of 1.7280.
London’s main equities index broke back through the 6,000 level at the start of trade on Monday as higher copper prices on commodities markets lifted the mining sector. The FTSE 100 started the first session of the second quarter 0.6% higher at 6,005.2 after losing ground on Friday as investors booked profits at the end of the first, which saw the blue-chip index rise 6.2% overall. The mid-cap FTSE 250 also traded up 0.6% to 9,905.9 after a small loss of 0.1% at the end of the previous session. Mining sector returned to the forefront of the rally, energized by renewed momentum for copper prices on commodities markets. Antofagasta strode 2% higher to £21.82. Rio Tinto was 2.4% higher at £29.90. Xstrata rose 1.7% to £18.93 and BHP Billiton was 4.1% stronger at £10.95. Oil companies made gains as crude prices also increased, combining with the mining sector to provide strong and sustained momentum. BP rose 0.8% to 666p. Royal Dutch Shell was 0.4% higher at £18.79 and Cairn Energy was 1.4% higher at £21.54. A stronger than expected first-quarter performance from BG Group sent shares in the energy supplier 1.5% higher to 730p. Weekend press reports suggesting that Rank Group, the diversified leisure group, was about to receive a bid approach, lifted its stock 4.2% to 235.3p. On the downside, Northern Rock, the mortgage bank eased by 0.8% to £11.75.
The Gilt was slightly weaker in opening trade this week as the bid was down to 96.680 boosting the yield 2 basis points to 4.400%.
London’s main equities index broke back through the 6,000 level at the start of trade on Monday as higher copper prices on commodities markets lifted the mining sector. The FTSE 100 started the first session of the second quarter 0.6% higher at 6,005.2 after losing ground on Friday as investors booked profits at the end of the first, which saw the blue-chip index rise 6.2% overall. The mid-cap FTSE 250 also traded up 0.6% to 9,905.9 after a small loss of 0.1% at the end of the previous session. Mining sector returned to the forefront of the rally, energized by renewed momentum for copper prices on commodities markets. Antofagasta strode 2% higher to £21.82. Rio Tinto was 2.4% higher at £29.90. Xstrata rose 1.7% to £18.93 and BHP Billiton was 4.1% stronger at £10.95. Oil companies made gains as crude prices also increased, combining with the mining sector to provide strong and sustained momentum. BP rose 0.8% to 666p. Royal Dutch Shell was 0.4% higher at £18.79 and Cairn Energy was 1.4% higher at £21.54. A stronger than expected first-quarter performance from BG Group sent shares in the energy supplier 1.5% higher to 730p. Weekend press reports suggesting that Rank Group, the diversified leisure group, was about to receive a bid approach, lifted its stock 4.2% to 235.3p. On the downside, Northern Rock, the mortgage bank eased by 0.8% to £11.75.
The Gilt was slightly weaker in opening trade this week as the bid was down to 96.680 boosting the yield 2 basis points to 4.400%.
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