• FTSE 100 up 1.4% to 6,584
• Gold down 2.45% to $1,188.68/oz
• £/$ – 1.6370
The FTSE 100 reacted positively to the US Federal Reserve’s ‘tapering’ announcement yesterday, rising 1.4% to close at 6,584.
Leading the rise was cruise operator Carnival, which added 5.5% after publishing a good set of results. Precious metals miners were the worst performers, however, as the price of gold fell. Fresnillo lost 4% and Randgold was 2.7% lower.
In Europe, the Paris CAC 40 rose 45 points to 4,154, and the German Xetra Dax added 154 points to 9,335.
In the US, the Dow Jones Industrial Average rose 0.1% to 16,162, the S&P 500 slipped 0.1% to 1,809, and the Nasdaq Composite was 0.3% lower at 4,058.
Overnight in Asia, Japan’s Nikkei 225 rose 0.1% to 15,859, and the broader Topix fell 0.1% to 1,261. And in China, the Shanghai Composite lost 2% to 2,084, and the CSI 300 was 2.3% lower at 2,278.
In the forex markets this morning, sterling was trading against the US dollar at 1.6335 and against the euro at 1.1981. The dollar was trading at 0.7334 against the euro and 104.47 against the Japanese yen.
And today, Npower is to pay £3.5m after misleading customers. The company admitted it breached sales rules when signing up customers on the doorstep and over the phone between 2009 and 2012. Affected customers will receive £25 each.
New to MoneyWeek?
Welcome, and thank you for visiting us.
Here at MoneyWeek, our aim is simple. To give you intelligent and enjoyable commentary on the most important financial stories of the week, and tell you how to profit from them.
If you've enjoyed what you've read so far, I've got something you'll definitely be interested in.
Every working day the MoneyWeek team sends out a hard-hitting email, 'Money Morning', giving you a rundown of the latest financial events, and revealing what you should do to maximise profits and head off losses…
And with your permission, I'd like to send you Money Morning for FREE.
To sign-up enter your email address below.
We hope you enjoy your stay on the site. Good luck with your investments!
Digital Managing Editor, MoneyWeek