Spreadex Market Update
FTSE 100 continues its strong run
US stock futures remain little changed, trading within a tight range ahead of Congressional testimony from Fed chairman Ben Bernanke tomorrow evening. The FTSE 100 continued its strong run, up 14 points at midday to 6767, helped by worse than expected Consumer Price Index data.
However, European shares fell from multi-year highs on concern the US central bank could call an earlier-than-expected halt to their stimulus programme. With the recent strength in the US labour market, this may create an excuse for the Federal Reserve to scale back their bond-buying programme.
UK inflation rate fell more than forecast in April, falling to a seven-month low. The lower reading could potentially help towards a stronger case for continued bond-purchasing by the Bank of England. Last week, the Bank of England lowered its forecasts for inflation and said price growth may hit its 2 percent target earlier than previously estimated. The Bank of England also kept its bond-purchasing program unchanged at £375bn this month. Mervyn King’s meeting minutes will be published tomorrow and will show whether he continued his bid to boost quantitative easing.
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