Good morning from London where the FTSE 100 is up at three month highs of around 7,700 points, lifted higher by a great wave of positive sentiment from the US.
Markets around the world are interpreting yesterday’s comments from the Federal Reserve as a sign that US interest rates will fall faster than expected during 2024, thereby giving the global economy a nice big boost in the process. And as you’d expect that is catnip for London’s miners, who will be the ones helping deliver the raw materials needed for that economic growth.
The other top gainer on the FTSE 100 in percentage terms at least is Ocado, up nearly 10%.
It also looks like a positive morning for the UK’s defence sector – Minister Grant Shapps is in Tokyo signing an agreement with Italy and Japan to create a new fighter jet programme that will have its headquarters right here in London.
Turning to the Alternative Investment Market now and there are plenty of year-end round ups hitting the wires this morning after what has been a pretty rough 2023 for many.
One glowing point of light recently has been those companies with exposure to uranium and there’s more of that today as well, Power Metal Resources’ share price is up by 22% on news that its completed a pre-float fundraise ahead of the listing of its assets in Canada.
