FTSE 100 tipped to follow Wall Street’s soaring coattails, Bitcoin ‘looking oversold’

The FTSE 100 is getting off to a strong start after US stocks enjoyed their best day in nearly three months last night.

London’s blue-chip stocks are set to rise over 20 points on the IG platform, after rising nearly 44 points to 7,062.29 earlier in the week, according to Spread-Betters on the IG platform.

The previous day’s advances were all made at the end of the session, inspired by the thundering start on Wall Street, which bounced back greatly from the bloodletting triggered by the Federal Reserves’ new falconry addiction.

By the closing bell in New York, the Dow Jones was up nearly 587 points, up 1.8%, the S&P 500 1.4% and the Nasdaq Composite 0.8%.

After Fed officials predicted last week that interest rates would rise twice from their current record lows after getting a terrible case from Willies last week (and Federal Reserve official James Bullard even said on TV that it did may have to be the end of 2022). instead of 2023) we shouldn’t have been surprised by market reactions after a weekend of reflection and some slightly reserved comments from New York Fed’s John Williams, said Oanda’s market analyst Jeffrey Halley.

“If the last 15 months have taught us one thing, it is the power of buy-the-dip strategy as central banks continue to pour free money into the world financial system. Last night was a classic example of when the major unwinding of the global reflation trade after the FOMC / Bullard was abruptly stopped and vice versa, ”he said.

“The US dollar fell overnight, stocks, especially the unpopular S&P and Dow Jones, rallied, gold rallied and the US yield curve steepened as long-dated bond yields rose again.

“So has the global reflation trade been completed? We don’t know for sure. Is inflation temporary or sticky? Again, we don’t know and I’m not sure if it really matters, ”Halley said, confused.

While stocks rose, Bitcoin fell, with a significant 11% drop overnight.

However, it made up some losses in the Asian session, rising 3.60% to $ 32,760.00 this morning in Asia.

Halley’s feeling was that Bitcoin was “approaching oversold territory”.

All about the markets

  • Pound – down 0.2% to $ 1.3901
  • Gold – flat at $ 1,783.05 an ounce
  • Oil – Brent crude rose 0.2% to $ 75.06 a barrel
  • Bitcoin – down 5% over 24 hours to $ 32,555.34

6.50 a.m.: Early markets – Asia / Australia

Stocks in the Asia Pacific region were mostly higher on Tuesday, with the Japanese Nikkei 225 rising about 3% in afternoon trading and largely bouncing off a 3% decline on Monday.

The Shanghai Composite in China gained 0.59% while the Hang Seng index in Hong Kong fell 0.23%

In Japan, the Nikkei 225 rose 2.94% while the Kospi in South Korea rose 0.73%.

Stocks in Australia rose, with the S & P / ASX 200 trading 1.58% higher.


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