FTSE 100 sees 10th consecutive daily rise
Even though news on the GDP front was disappointing to say the least the UK stock market today racked up its 10th consecutive daily rise although there was a small bout of profit taking towards the end. Having risen above the 4600 level at one point the market ended the day at 4576.6 for a rise of 4.3% over the week. Why is the market so strong, when economic figures suggest the economy is struggling?
As we have mentioned on numerous occasions, the general opinion within UK markets is that the stock market actually "looks ahead" nine months. On this basis you could be led to believe that the economy will make a fairly strong recovery over the next nine months even if the GDP figures today would suggest otherwise. However, there is no doubt that the much higher expected rate of decline in the UK economy in the last quarter did surprise many analysts and any more figures of a similar nature could have a much greater impact.
The next few weeks will test investor confidence to the maximum as we see a raft of company results, economic data and political jostling for pole position. It will be very interesting to see how the markets swing over the next few weeks and months and ultimately how the UK economy performs.
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