The FTSE index has started the week in positive territory. In the North American trade, the FTSE is trading at 7,452, up 0.32% on the day. On the release front, the U.K. releases GfK Consumer Confidence, which has been mired in negative territory. The indicator is projected to tick upwards to -12 points.
Is a U.S-China trade deal around the corner? Negotiations will continue on April 30, in Beijing, and U.S. Treasury Secretary Mnuchin waxed positive on Sunday, saying that the talks were in their “final laps”. However, Mnuchin cautioned that the talks could still end without an agreement. The nasty trade war between the two largest economies in the world has rocked the global economy and curbed growth. If the sides continue to make progress, there could be a summit between President Trump and President Xi of China. A new trade agreement between the U.S. and China would likely see investor risk appetite soar and boost equity markets.
The FTSE continues to gain ground, despite the chaos surrounding Brexit and weak construction and services PMIs. The blue-chip index soared 8.0% in the first quarter and hasn’t missed a beat in April, gaining 2.1%. Despite the turmoil surrounding Brexit and the lingering uncertainty over Britain’s imminent departure from the EU, investor confidence remains high. The British economy has generally performed well, although there are constant concerns that a no-deal Brexit could send the British economy reeling.
Monday (April 29)
- 19:01 GfK Consumer Confidence. Estimate -12
*All release times are DST
*Key events are in bold
FTSE, Monday, April 29 at 10:45 DST
Previous Close: 7,428 Open: 7,438 High: 7,456 Low: 7,405 Close: 7,452