Spreadex Market Update
Investors await U.S GDP data
The FTSE 100 has recovered some of the losses seen during yesterday’s session with mining stocks leading the way. Mining shares have been somewhat unloved by investors since September 2011 when a large number began a lengthy downward trend. This has left mining stocks relatively cheap and has provided a perfect opportunity for traders to invest in the sector whilst holding back on the market on the whole whilst awaiting a deeper correction.
The rally in the miners has seen 25 points added to the FTSE by 13:00 BST, helping the index rebound from a 2-week low. The blue chip index has lost around 3.5 percent in the last five days, trading some 220 point lower than the 13 year highs recently enjoyed with mounting concern regarding the inevitable withdrawal of Fed stimulus.
In a boost to the UK economy, house prices have risen at their fastest annual rate since November 2011. The Bank of England’s policy measures to reduce the cost of credit has started to pay dividends with prices rising 1.1 percent in May, slightly more than expected. Mortgage rates have fallen back towards all-time lows in recent months.
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