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Stocks have taken the US PPI data relatively calmly, and hopes of a year-end rally are no doubt playing a part in this, says Chris Beauchamp, chief market analyst at online trading platform IG.
China hopes prop up FTSE 100
“China’s reopening has a long way to go, but it has been enough this week to provide a hope of improvement in the outlook. The FTSE 100 has seen some benefit from that today, edging back up after falling to a one-week low. IHG’s 3% rise on hopes of more good news from China has helped that move, helping to steady the index and put it on course for a move up towards 7600 as the year heads to its close.”
Stocks hold firm despite US inflation figures
“While US factory-gate inflation points towards the need for still more rate rises, stocks can now scent the potential for a rally into the end of the month. Such a bounce would repair more of the damage suffered in 2022, even if the post-Christmas blues do set in. The PPI data was unable to have much of a negative impact, although it does set us up for another hot CPI figure and hawkish Fed next week which might be much harder for markets to navigate successfully.”
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