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UK investors encouraged
The FTSE 100 is set to finish at its highest closing level in five months. Traders sat on their hands ahead of the GDP report and immediately after, but demand crept higher after investors felt assured that the UK economy is still growing.
The Bank of England (BoE) has an unemployment target of 7% in mind before it will consider raising UK interest rates, but, like its US counterpart, who is to say that it won’t move the goalposts down the line. The US Federal Reserve started quantatitive easing a long time before the BoE, so, as long as the Fed continues to leave its bond buying scheme alone, traders know the BoE stimulus package is here for the foreseeable future.
US markets higher
US stocks opened higher as dealers interpreted the weaker-than-expected non-farm payrolls and jobless claims reports as signs that QE tapering will be pushed back yet again.
Apple is a few pips lower, as traders continue to weigh up the tech giant's announcement due after the closing bell on Monday. IG clients can now take advantage of after-hour announcements with our extended trading.
Twitter is hoping to emulate the Royal Mail IPO and avoid a Facebook-style flop. The social media firm is anticipating that it will float for $11.1 billion, but IG client accounts trading our grey market are indicating a market capitalisation of $21 billion.
China weighs on copper
Copper is a touch lower today as markets anticipate that the Chinese interbank market could play havoc with its manufacturing industry. The cost of borrowing for Chinese banks is at its highest for four months and traders are worried it could hit all businesses.