Spreadex Market Update
The FTSE 100 has registered small gains this morning
The FTSE 100 has registered small gains this morning on the back of better than expected Marks and Spencer results and strength in the energy sector. M&S was amongst the top gainers in Britain’s top equity index after the upmarket retailer reported organic growth in food sales in the Christmas quarter, offsetting a weak show for its clothes business, which reported a 10th consecutive quarter of falling sales. The energy sector also provided support for the index as the oil price firmed, with Tullow Oil among top gainers after an upgrade by HSBC.
Worryingly for the gambling sector, Labour party ministers called for greater regulation of the gambling industry in the UK. Regulatory change has always been a key driver of sentiment toward the sector, so unsurprisingly both William Hill and Ladbrokes are trading lower this afternoon. William Hill has been downgraded to equal weight from overweight by Barclays.
With the ECB holding a press conference at 13:30 today, policymakers were given a timely boost after a report showed Euro zone economic sentiment rose more than expected in December and inflation expectations picked up. This will ease the pressure on the ECB to loosen monetary strings further. Analysts said the improving sentiment suggested the recovery gained traction in the last quarter of the last year.
Meanwhile, U.S futures have climbed throughout the morning as investors await Alcoa’s financial results marking the unofficial start of the fourth-quarter earnings season. Analysts predict that companies in the S&P 500 will increase their earnings by 9.7 percent on average this year and their sales by 3.8 percent.
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