Thursday, 17 May 2018

FTSE 100 defies gloom to strike new record high

The FTSE 100 has registered a new record high - signalling some cheer for UK pension funds as the economy stagnates.
London's premier share index closed Thursday's session at 7787 points - a rise of 53 on the previous day as utility and retail stocks made some ground.

It beat the previous record close of 7778, which was recorded in January before a stock market wobble.

Values sank across the world amid fears of a US-inspired trade war, that pushed the FTSE below the 7000-point barrier at one stage in March.

Its fortunes have been largely governed by the pound since the Brexit vote - with weakness in the currency boosting the earnings of its dollar-earning constituents.

Sterling has bled value in recent weeks versus the dollar, partly because of continued concern about the state of the EU divorce talks.

But mostly it has been put down to a slowing economy pushing back the likelihood of a Bank of England interest rate hike.

SKY     News.

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