Spreadex Market Update
FTSE trading 20 points higher after acquisition talks.
European stocks traded near six year highs as investors awaited data on weekly jobless claims and Prelim GDP data. The FTSE is trading 20 points higher following acquisition talks, helping the index edge towards a 14 year high. Both Smith & Nephew and Weir Group shares rallied following merger talks. Weir group gained over 1.5% after it abandoned efforts to acquire rival Metso whilst SN was up over 4% following a report of a planned takeover bid from US rival Stryker. Although Stryker was quickly to deny the rumours yesterday, traders believe a takeover could still be possible.
The dollar weekend whilst treasuries gained ahead of a report which is expected to show the US economy shrank during the last quarter. The final figure came out at -1%, below the -0.6% expected which saw the dollar initially weaken until heading back to pre-data levels. Weekly unemployment claims however came in better than expected at 300k versus 321k.
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