Defensive stocks led the FTSE 100 higher yesterday, lifting the index 0.3% to 5,513.
Pharmaceuticals were encouraged by the prospect of a Republican victory in Massachusetts which would hamper Barack Obama's healthcare reforms. GSK rose 1.9%, AstraZeneca climbed 1.7% and Shire added 0.4%.
Commodity stocks made modest gains, with BP rising 0.1, Royal Dutch Shell up 0.3%, but BG Group flat. Among miners, Lonmin gained 0.75%, while majors Xstrata and Rio Tinto rose 0.1% and 0.2% respectively.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Banks were largely lower, with HSBC down 0.1%, Barclays falling 1.8% and Lloyds the day's biggest faller, down 2.6%. But RBS bucked the trend, however, finishing among the day's top performers, rising 3%.
Read the latest stock market news and charts here.
Europe
In Europe, the Paris CAC 40 climbed 32 points to 4,009; and the German Xetra Dax was 58 points higher at 5,976.
US
In the US, the Dow Jones Industrial Average rose 1.1% to 10,725; the S&P 500 gained 1.25% to 1,150; and the Nasdaq Composite climbed 1.4% to 2,320.
Asia
In Asia, Japan's Nikkei 225 fell 0.3% to 10,737; while the broader Topix index lost 0.5%to close at 944. In China, the Shanghai Composite index slipped 2.9% to 3,151; and the CSI 300 closed down 3.2% at 3,394.
Commodities
Brent spot was trading at $76.27 early today, and in New York, crude oil was at $78.20. Spot gold was trading at $1,132 an ounce, silver was at $18.60 and platinum was at $1,637.
Currencies
In the forex markets this morning, sterling was trading against the US dollar at 1.6268 and against the euro at 1.1452. The dollar was trading at 0.704 against the euro and 90.86 against the Japanese yen.
UK news
And today, the Bank of England governor, Mervyn King, warned of tough times ahead for Britain, as the fallout from the financial crisis leaves a legacy of high unemployment and stagnating pay. Speaking to the University of Exeter, Mr. King said "The patience of UK households is likely to be sorely tried over the next couple of years", adding: "there is little scope for growth in real take-home pay, which may remain weak even as output recovers.
-
Waspi update on compensation to come “as soon as humanly possible”The government says an announcement on state pension compensation for Waspi women will be made in the coming weeks, following an ombudsman ruling back in March
-
NatWest sell-off moves closer as the government offloads more sharesThe UK Treasury's stake in NatWest has fallen to below 11% - here is what it means for the share price
