The FTSE 100 Index was set to leap today amid hopes President Donald Trump could be discharged from hospital today following a rapid improvement in his coronavirus symptoms.
Shares across Asia rose today and US stock market futures indicated a leap on Wall Street was likely. That, in turn, was set to drive European shares into positive territory after a dramatic weekend of news from Washington.
Amid all that optimism, the FTSE-100 was expected to rise 40 to 5942 by CMC Markets traders.
Global markets had sold off on Friday after the President’s diagnosis with investors fearing a Joe Biden victory in the US elections would spell higher taxes and lower growth.
The FTSE managed to pull back its losses by the end of Friday’s session but other indices were down sharply on what was deemed a “risk-off” session.
Also boosting shares today was speculation Washington may, at last, be making progress on the much-delayed fiscal stimulus program to support those most economically affected by the ramifications of the Covid-19 pandemic.
Trump tweeted on Sunday night that negotiators should work together and get the deal done – perhaps in response to experiencing the effects of the virus for himself.
European investors will be watching service sector economic data later this morning as Purchasing Managers Index reports come out from the UK, Spain, Italy, France, and Germany. PMIs last week on manufacturing was strong and UK numbers are expected to register 55 where any number above 50 indicates growth.
FTSE 100 Long (Buy)
ENTER AT: 5899.2