Global markets roundup, 7 February

• FTSE 100 up 1.6% to 6,558

• Gold up 0.02% to $1,258.19/oz

• £/$ – 1.6322

 The FTSE 100 rose 1.6% to 6,558 as markets rallied following recent declines.

Vodafone’s third-quarter revenue declined by less than was feared, pushing the telecoms stock 3.7% higher.

Pharmaceutical giant Reckitt Benckiser followed with a 3.3% gain, and miner Glencore Xstrata was 3.0% higher. However, fellow miner, Randgold Resources, fell 1.6%.

In Europe on Thursday, the Paris CAC 40 rose 71 points to 4,188, and the German Xetra Dax gained 140 points to 9,256.

In the US, the Dow Jones Industrial Average climbed 1.2% to 15,628, as did the S&P 500 to 1,773, and the Nasdaq Composite was 1.1% higher at 4,057.

Overnight in Asia, Japan’s Nikkei 225 rose 2.2% to 14,462, and the broader Topix index gained 2.3% to 1,189. And in China, the markets are still closed.

Brent spot was trading at $107.16 early today, and in New York, crude oil was at $97.56. Spot gold was trading at $1,261 an ounce, silver was at $19.86 and platinum was at $1,384.

In the forex markets this morning, sterling was trading against the US dollar at 1.6330 and against the euro at 1.2035. The dollar was trading at 0.7373 against the euro and 102.04 against the Japanese yen.

And in the UK, a report from the National Institute of Economic and Social Research (NIESR) concluded that real consumer wages won’t recover to their 2009 levels until 2019 at the earliest. This comes despite the fact that it expects economic growth to pick up 2.5% this year.

• This article is taken from our free daily investment email, Money Morning. Sign up to Money Morning here.
Merryn

Claim 12 issues of MoneyWeek (plus much more) for just £12!

Let MoneyWeek show you how to profit, whatever the outcome of the upcoming general election.

Start your no-obligation trial today and get up to speed on:

  • The latest shifts in the economy…
  • The ongoing Brexit negotiations…
  • The new tax rules…
  • Trump’s protectionist policies…

Plus lots more.

We’ll show you what it all means for your money.

Plus, the moment you begin your trial, we’ll rush you over THREE free investment reports:

‘How to escape the most hated tax in Britain’: Inheritance tax hits many unsuspecting families. Our report tells how to pass on up to £2m of your money to your family without the taxman getting a look in.

‘How to profit from a Trump presidency’: The election of Donald Trump was a watershed moment for the US economy. This report details the sectors our analysts think will boom from Trump’s premiership, and gives specific investments you can buy to profit.

‘Best shares to watch in 2017’: Includes the transcript from our roundtable panel of investment professionals – and 12 tips they’re currently tipping. The report also analyses key assets, including property, oil and the countries whose stock markets currently offer the most value.