FTSE 100 Live 04 October: Wall Street boost for London shares, oil price near $90

1664866645

Wall Street recovers on rate rise hopes

Wall Street’s best session since late July means European markets are set for a positive start, with IG Index predicting that the FTSE 100 index will open 0.7% higher at 6958.

The US performance came after weaker-than-expected figures on manufacturing activity boosted hopes that the Federal Reserve will slow the pace of interest rate rises.

The S&P 500 jumped by 2.6% and the tech-heavy Nasdaq Composite by 2.3%, while US futures are also pointing to further progress later today. The next big test for sentiment is likely to come with Friday’s monthly non-farm payrolls report.

Mark Haefele, chief investment officer at UBS Global Wealth Management, said: “After falling more than 9% in September and extending its year-to-date decline to nearly 25% as of Friday’s close, we think the S&P 500 was looking oversold.

“In addition, some of last week’s selling pressure may have been driven by quarter-end rebalancing, which has now ended.”

Asian markets followed Wall Street’s lead as the Nikkei in Japan lifted by more than 2.5%.

Brent crude, meanwhile, remains just below $90 a barrel after rising 4% yesterday on expectations that Opec will reduce planned output at its meeting tomorrow.

Read original article here

Denial of responsibility! Bulletin Reporter is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] bulletinreporter.com . The content will be deleted within 24 hours.

Leave a comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More