FTSE Higher Despite Greek and Elections Worries

Leading UK shares are moving sharply higher in early trading, catching up on the gains in Europe on Monday when London markets were closed for the Bank Holiday.

The FTSE 100 is back above the 7000 level, up 59.48 points at 7045.43. Disappointing construction manufacturing figures have hit the pound but supported shares, on the basis that an interest rate rise in the UK receeds even further into the distance.

But there are still concerns about Greece running out of cash before it can reach a deal with its creditors, as well as uncertainty ahead of the UK general election this week.

News that Australia had cut interest rates did little to support mining shares, which are suffering some profit taking following recent increases.

Glencore is down 4.4p at 308.25p after weaker than expected first quarter production figures, with copper down 9%. Bernstein remained positive on the stock despite admitting the results were disappointing.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza