The FTSE 100 has led the way higher today after signs of slowing UK inflation, while earnings continue to lift the Dow to a new high for the year, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
UK stocks storm higher after CPI print
“UK investors have watched enviously as US markets recover as CPI on the far side of the Atlantic dropped, but today they have had plenty of reason to celebrate following the CPI print this morning. The FTSE 100 is enjoying its best day of the year so far, led by housebuilders and other real estate stocks. After weeks of declines, it looks like the FTSE 100 has found a low.”
Dow hits new 2023 high
“Earnings season continues to deliver the good news that the Dow has been looking for. After living in the shadow of the Nasdaq 100, the index has soared in recent sessions thanks to good earnings from banks and others outside of the tech bubble. Fund managers are still underweight stocks, but a solid earnings season will drag more money back into stocks, supporting a rally over the summer and beyond.”
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