Trade talk sweetener boosts FTSE
Fiona Cincotta November 5, 2019 6:10 AM
The FTSE has found some spring in its step as the US and China moved a step closer to breaking the trade talk impasse. According to reports the US is considering lifting $112 billion worth of tariffs on Chinese goods as a sweetener to seal the first phase of the trade deal .
Primark owner AB Foods is leading the risers with a 4.22% increase in share prices despite reporting a net loss for the quarter. However, the company’s full year performance still remains positive with Primark continuing to bring in profit and widening its expansion plans in the south of Europe.
Bristol-based Imperial Brands posted operating profits which fell short even of its revised numbers in September when the company halved its previous expectations for full year growth. Struggling with the aftermath of a ban on flavoured products in the US vape market the company is not only looking for new direction but also for a new CEO as current CEO Alison Cooper is in the process of leaving the post.
Pound flat in pre-election apathy
Currency traders are finding little reason to buy into the pound amid full-blown pre-election apathy, anticipating that the next six weeks of campaigning will result in little more than a hung Parliament. Thus the pound’s recent recovery has been cut short and the currency is trading at $1.2886. Sterling has also yielded some ground to the euro
Trade talk optimism is providing the dollar with a fillip, boosting the currency against the safe-haven yen. The next point of focus for the greenback will be a busy afternoon of economic data in the US including the September trade balance, Redbook and the composite October PMI number.
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