We expect to see some variety in performance as we lead up to the payrolls report on Friday. Commodity prices are key for UK stocks right now, and with Brent crude oil edging towards $90 per barrel, the focus is on the UK’s energy sector. Powell still matters for markets The soothing tones of Jerome Powell who spoke at Stanford University on Wednesday, were enough for the markets to breathe a sigh of relief and for the S&P 500 and the Nasdaq to break their losing streaks so far this month.
The large number of oil and gas and mining companies in the FTSE 100 have boosted the index, as commodity prices have been on a tear higher. Brent and WTI oil are higher by 3.8% and 5% in the last 5 days, while aluminum and copper are up by more than 4% each. Coffee is the best performer in the agricultural commodity space and is higher by 8%. The gold price also briefly breached the $2,300 mark on Wednesday – a new record high – although it has pulled back to $2,296.
Source: Financial Digest (financialdigest.net)
Macroeconomics Intermarket FTSE
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