The FTSE 100 index in London opened higher, despite hawkish comments from a US central banker and tepid UK economic data.
It was up 0.5% this morning, supported by commodity-linked stocks and a jump in Spirent Communications shares following a deal with Keysight Technologies.
Energy stocks rose as oil prices increased, and mining stocks gained from higher base metal prices.
Yesterday, U.S. Treasury yields rose yesterday following comments by the Fed’s much-listened-to Governor Christopher Waller, who is often a trend-setter. True to form, he advised the markets not to get too excited about rate cuts just yet. The stock market, for its part, doesn’t care and is thinking about the Easter weekend. In any case, investors know that the two most important events of the week, the release of PCE inflation and a speech by Fed boss Jerome Powell, will take place tomorrow, when Wall Street is closed.
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