Market Update

22/05/13 - 14:00

Alastair McCaig, London
 

With its all-time high within reach, the FTSE 100 has crept ever higher during the morning trading session.

The momentum generated as the FTSE trades at 14-year highs has been enough for traders and investors to ignore the disappointing UK retail sales data released this morning. This afternoon attention is focused on what the US Federal Reserve chairman Ben Bernanke will say in his speech beginning at 3pm (London time).

At the latest EU economic summit being held today, there are no real market-moving comments so far. Also released today was the IMF’s assessment of the current state of the UK economy, and the way the country is attempting to gain a more stable economic footing. The findings have been less than complimentary, but ultimately the biggest issue the UK government will have is from a political viewpoint, rather than the potential for the report to destabilise the global perception of the UK.

Along with requoting the latest IMF report, politicians will be looking forward to attacking Scottish & Southern Electric for their latest set of figures as well as the energy firm’s management bonus plans. In reality however, SSE’s record profit has considerably more to do with the prolonged pitiful UK weather over the last year than anything else.

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