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The final day of the week has seen US banks kick off earnings season, with no nasty surprises so far, says Chris Beauchamp, chief market analyst at online trading platform IG.
Stocks push on to the weekend with modest gains
“It has been a solid week overall for risk assets. Stocks got the inflation reading they wanted, putting them in a forgiving mood for the start of earnings season. Some better GDP figures from the UK and Germany added to the cheerier atmosphere on Friday, and while equities might look a bit overextended in the short-term, they do seem poised for a better start to the year than many had feared.”
FTSE 100 closes in on 7900
“It was too much to hope that the FTSE 100 might find another burst of energy and take out the 7900 level today, but an almost straight-line move since the beginning of the year has certainly helped put the index on top. So far the Christmas trading statements have been broadly encouraging, and with recession fears capped for the time being the index’s blend of global companies seems to offer a promising mix for investors looking for a home where tech stocks do not feature too highly.”
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