Markets: FTSE 100 shrugs off IMF downgrade

Markets continued their rise yesterday despite the IMF revising its estimates for global growth. The FTSE 100 index closed up 0.5% at 6,620.

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The FTSE 100 continued its rise yesterday despite the IMF revising its estimates for global growth. The index closed up 0.5% at 6,620.

Miners were among the top performers, as China reported better than expected growth. Fresnillo was the day's top performer with a 4% rise, while Glencore added 3.9%, Anglo American gained 2.9% and Randgold was 2.5% higher.

In European markets, the Paris CAC 40 gained 52 points to 4,446, and the German Xetra Dax rose 15 points to 10,257.

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In the US, the Dow Jones Industrial Average rose four points to 17,515, the S&P 500 gained 0.2% to 2,022, and the Nasdaq Composite added 0.4% to 4,654.

Overnight in Japan, the Nikkei 225 and the broader Topix index each fell 0.5% to 17,280 and 1,390 respectively. And in China, the Shanghai Composite added 4.7% to 3,323, and the CSI 300 rose 4.5% to 3,548.

Brent spot was trading at $48.55 early today, and in New York, crude oil was at $46.39. Spot gold was trading at $1,302 an ounce, silver was at $18.24 and platinum was at $1,281.

In the forex markets this morning, sterling was trading against the US dollar at 1.5163 and against the euro at 1.3105. The dollar was trading at 0.8642 against the euro and 117.76 against the Japanese yen.

And in the UK, electrical goods retailer Dixons Carphone raised its profit forecast from £354m to between £355m and £375m, after a "rollercoaster" Christmas. Like-for-like sales rose by 7% in the nine weeks to 3 Janaury.

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