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FTSE 100 gets a helping hand from uncle Sam
As with the DAX and perhaps more so, the FTSE 100 was helped higher into the close yesterday by the rebound in the US stock markets. Earlier in the day the FTSE 100 had been under pressure and it had fallen to a low at 7,882. The index later managed to forge out a mere 2 point gain on the day, when closing at 7,937. The index has just reopened this morning and has edged a little higher on that opening. That said, the outlook this side of 8,047 remains a little uncertain. On a longer term valuation basis the index remains cheap, despite the most recent gains, but the rebound in the Pound since this time yesterday might act as a drag, if that extends further. Conversely, higher oil prices and basic resources remain a supporting factor.
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