Spreadex Market Update

FTSE soars amongst new year optimism



The FTSE is currently up 1.74% as investors seem to be in a good mood after the new year break, mainly due to the thought that the Omicron variant is not going to ruin the economy in the same way the initial wave did, or even come close.

Thanks to this sentiment, British Airways owner, IAG is up over 11% at the moment, with oil giant BP following a similar trend as it is over 6% in the green.

Furthermore, adding to the FTSE’s push today was the positive figures released from the Markit Manufacturing PMI, as the expected figure of 57.6 was slightly beaten to 57.9.

Europe also seem to be following a similar trend as both the DAX and CAC are up 0.65% and 1.32%, respectively.

US markets are currently mixed as the DOW (+0.65%) is positive, while the S&P slipped to -0.19%.

This could be due to the rather disappointing economic data releases, with the highlight being a lower-than-expected Manufacturing PMI, from 60 to 58.7.

However, at open the US markets seemed to be very positive with Apple becoming the first US company to be valued at $3 billion, alongside Tesla gaining over 13.5% as it reported better than expected Q4 figures.

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