Global markets finished a little stronger on Friday night, with gains seen in both Europe and the US. In London, the FTSE 100 gained 35 points (+0.5%) to finish at 6723 while the German DAX added 28 (+0.3%) points to close at 8398.
US markets closed out the week with a strong gain on Friday night, with the Dow and S&P500 posting fresh record highs amid positive economic data.
US consumer confidence rose in May rose to its highest level in almost six years, as Americans felt better about their financial prospects despite concerns over budget cuts and the impact of a slowing manufacturing sector.
The data fuelled weekly gains of between one and a half and two percent for the major US indices, as investors bet economic growth will remain resilient in the face of ongoing global uncertainty.
It was a mixed performance among the key commodities. Oil strengthened on speculation the jump in US consumer confidence will translate into greater energy demand.
Oil for June delivery rose 86 cents to $96.02 a barrel on the New York Mercantile Exchange, the highest settlement since May 10.
However, gold suffered another sell-off on rumours US hedge funds are liquidating bullion holdings ahead of a planned end to the Fed’s monetary easing measures.
The potential end to quantitative easing saw the US dollar record widespread gains against other currencies, including the Aussie, which slumped to below 97 US cents – its lowest against the greenback in almost a year.
The yen climbed versus all 16 major peers after Japanese Economy Minister Akira Amari said further losses in the currency would threaten to negatively affect people and the government’s job is to minimize that.
There is no major data due our during today’s session.