Spreadex Market Update
FTSE opens higher
The yen has slid 4% against the dollar in the past week and a half.
It will be interesting to see where the Nikkei will go from here with the index at its highest level since early May and currently near overbought territory with its 14-day RSI at 69.5, with a reading above 70 deemed to be overbought.
News that manufacturing output had risen in China for the first time in more than a year helped to underpin sentiment in the East and the figures have also aided the prospects of UK Metals and Energy Companies with the bulk of this morning’s shift coming from the two sectors.
SAB Miller has also helped after posting a 12% rise in first-half profit following strong growth in the expanding Latin American market. Volumes and revenues grew across most regions and the world’s second-biggest brewer finds itself trading up 4.6%.
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