FTSE 100 futures on the charge this morning

The FTSE 100 rejected a daily and weekly close on Friday above 7,900. The index ended the week at 7,695. Irrespective of that, the FTSE 100 was the standout best performing major European index on Friday, as it gained 0.24% on the day, where the likes of the DAX and the CAC closed lower. The DAX was the standout under-performer. The index closed 0.56% lower. The FTSE 100 had rejected a rise above its 21 day moving average all week, but right now the index future is charging higher and it is all about the move lower in UK yields, as noted here earlier this morning. That is being driven by recent BOE rhetoric, suggesting a rate cut in June is very much on the table. So, as much as this has undermined the Pound, it has had an opposite impact on the UK stock market. Hence, the FTSE 100 is right now priced to open markedly higher this morning, currently around 7,985. The FTSE 100 futures are the big winner amongst the European futures this morning, as the index looks set to rise close to the 8k handle again. The reader is reminded of the two multi-year highs on this index at 8,047 and 8,044.