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A sea of blue across the mining stocks has given the FTSE a boost and helped to prop up the index after US markets being open for an hour. Although the monthly PPI and trade balance figures had been broadly positive, the preliminary University of Michigan confidence figures have cooled off from their six-year highs.
In the last 24 hours, US markets have been assisted by some less-than-clear Japanese markets which have been ceasing to place upward pressure on the US dollar. Subsequent to this the USD/JPY still finds itself comfortably below the Y100 level.
Although many of the world’s most important heads of state are meeting in Northern Ireland this weekend for the latest G8 meeting they are more likely to be discussing geo-political, social and environmental issues rather than discussing fiscal matters. Having said that, with so many politicians and press in close proximity, we should not be too surprised if the odd rouge quote slips out.
In the run up to the close of the FTSE, equity traders will probably be happy enough this week; despite once looking like the indices might close down 200 points, it has ended up only being down around 80.