Spreadex Market Update
Slow day of trading expected as FTSE 100 closes early today.
With the FTSE 100 closing at 12:30 today, we were expecting to see a rather slow day of trading. Whilst volumes have been thin, equities have been propelled higher on the back of the bullish sentiment with the FTSE 100 trading higher for 8 consecutive days now. Despite U.S indices remaining open until the normal 21:30 closure, volumes will more than likely be meagre with Asian countries well underway with New Year celebrations.
The FTSE 100 is on course to record its best yearly gain since 2009. The UK benchmark has gained around 14 percent in 2013, at one point scaling 13-year highs some 2 percent above current levels, bolstered by central bank stimulus and a move out of safe bonds and into higher-yielding assets, such as stocks.
The U.S. Federal Reserve is set to scale back its massive monetary easing programme in January, but investors are focusing on the underlying U.S. economic recovery and the central bank's commitment to keep interest rates low for longer. The SPX 500 is trading 29% higher from the start of the year.
It will be interesting to see if equities can continue with their bullish form going into 2014 with British traders already speculating on the chances of the FTSE 100 breaching 7,000. Whilst the year’s high of 6,875 could prove to be a significant resistance level, analysts predict it will only act as a temporary impediment.
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