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Summary
- FTSE 100 is likely to open higher on Thursday continuing the market optimism.
- A part of optimism has been fuelled by the positive macroeconomic data.
- ONS is slated to announce the Construction PMI for March 2021 later on Thursday.
The headline FTSE 100 is likely to open higher on Thursday, 8 April, continuing the joy ride, with the optimism amid the market participants growing considerably. The UK shares seem in a position to defy the global market jinx as the futures linked to FTSE 100 traded 0.33 per cent higher indicating an uptick for London equities at the market open.
A part of optimism has been fuelled by the positive macroeconomic data with the Markit/CIPS UK Services PMI for March indicating the UK services economy returning to growth. The IHS Markit UK Services PMI registered a seven-month high reading of 56.3 in March 2021, realising a sharp rise from February’s measure of 49.5. The Office for National Statistics (ONS) is slated to announce the Construction PMI for March on Thursday.
The anticipation of early revival from the pandemic-led stress and faster-than-expected recovery ahead of the phased reopening has been the key driving factors in pushing the investors’ confidence in the recent past.
Meanwhile, the Asian equities traded mixed in the late trade with Japan’s Nikkei 225 leading the losses and India’s Nifty 50 spearheading the gains. According to the latest trading data available with various exchanges, Nikkie 225 of Tokyo slipped 0.37 per cent, Shanghai Composite of China gained 0.21 per cent, Hong Kong’s Hang Seng surged 0.88 per cent, Kospi of South Korea fell 0.20 per cent, while Nifty 50 of Mumbai rallied 0.89 per cent.
Australia’s benchmark ASX 200 held most of its morning gains and was on track to close higher, trading up 0.75 per cent.
Yesterday, Wall Street ended lacklustre with the Dow Industrials and Nasdaq Composite concluding flat and S&P 500 rising 0.15 per cent. At the close, the tech-heavy Nasdaq Composite surrendered the late afternoon gains to terminate at 0.07 per cent lower at 13,688.84, whereas the Dow Jones Industrial Average managed to close marginally higher at 33,446.26, up 0.04 per cent.
