FTSE 100 index adds 0.26% at 7,388 registering gains for third consecutive session making fresh monthly highs on growing optimism over China-US trade deal after US said to be ready to suspend the planned December 15th tariff hikes, and as investors digest the Fed interest rate cut. On the data front, UK Services PMI came in at 50, topping forecasts of 49.7 in October and above the previous reading of 49.5. The services sector in UK is the biggest contributor to GDP and the 50 print today indicates that the services sector has turned the momentum to positive and in the upcoming months might break above 50 that will signal expansion for the sector.
The Caixin Manufacturing PMI came in at 51.7, topping expectations of 51 in October and 51.4 reading in September. The United Kingdom Manufacturing PMI came in at 49.6 topping expectations of 48.1 in October.
UK heads to general election in December that increases the uncertainty for the short term but might clarify the political situation for 2020.
In Wall Street, the Dow Jones futures is 0.22% higher at 27,439, the S&P 500 futures are 0.18% higher at 3,081 while the Nasdaq futures are 0.25% higher at 8,236 signalling a positive start forequities in the other side of the Atlantic.Download our latest quarterly market outlookfor our longer-term trade ideas.
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