UK markets were able to hang on to gains on Thursday morning on a busy day for economic data, as stocks continue to rebound after some heavy losses over the last month.
After hitting a fresh five-month low of 6,029 on Monday, the FTSE 100 has risen strongly over the past two sessions with bargain hunters stepping in, given that many have seen the index's recent sell-off - after coming within touching distance of its record closing high of 6,930 last month - as overdone.
Benchmarks in the States finished higher last night as markets reacted positively towards a downwards revision to US economic growth to 1.8% in the first quarter, down from the initial estimate of 2.4%. This sparked hopes that the Federal Reserve could potentially delay its decision to taper stimulus until growth shows more signs of improvement.
Supporting stocks this morning was the news that the initial estimate for UK economic growth in the first three months of 2013 was maintained at 0.3%. Meanwhile, revisions to historic estimates mean that the economy did not actually suffer a double-dip recession in the first quarter of 2012.
It is a relatively busy day for economic data today, with markets this morning digesting a higher-than-expected drop in unemployment and a falling jobless rate in Germany, as well as mixed Eurozone consumer and business confidence figures.
Meanwhile, jobless claims, personal income/spending and pending home sales are all due out in the States later on.
Source: LiveCharts
After hitting a fresh five-month low of 6,029 on Monday, the FTSE 100 has risen strongly over the past two sessions with bargain hunters stepping in, given that many have seen the index's recent sell-off - after coming within touching distance of its record closing high of 6,930 last month - as overdone.
Benchmarks in the States finished higher last night as markets reacted positively towards a downwards revision to US economic growth to 1.8% in the first quarter, down from the initial estimate of 2.4%. This sparked hopes that the Federal Reserve could potentially delay its decision to taper stimulus until growth shows more signs of improvement.
Supporting stocks this morning was the news that the initial estimate for UK economic growth in the first three months of 2013 was maintained at 0.3%. Meanwhile, revisions to historic estimates mean that the economy did not actually suffer a double-dip recession in the first quarter of 2012.
It is a relatively busy day for economic data today, with markets this morning digesting a higher-than-expected drop in unemployment and a falling jobless rate in Germany, as well as mixed Eurozone consumer and business confidence figures.
Meanwhile, jobless claims, personal income/spending and pending home sales are all due out in the States later on.
Source: LiveCharts
