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FTSE 100 hits 16 month high

The FTSE 100 index has this morning hit a 16 month high with news that Chinese exports have increased significantly more than expected. Exports from the leading Far East economy were up by 18% in December after 13 straight months of decline. As a consequence, many now believe that the worldwide economy is stronger than it has been for two years with the US and China showing signs of recovery.

These two economies are vital to the recovery of the worldwide economy, as well as local economies, with mining, commodity and energy stocks benefiting from the renewed hope for the future. However, the price of oil has also increased to around $84 a barrel due to hopes of improved demand in the short to medium term although this will have an impact upon the price of petrol and inflation around the world.

Over the last few weeks we have seen some surprisingly upbeat announcements from various countries and various companies around the world. Despite the fact that the UK is to all intents and purposes still lagging the worldwide recovery there are also signs of improvement in the UK. There is no doubt that the UK economy will be dragged up by an improvement in the worldwide economy although Gordon Brown will be hoping this happens within the next 3 to 4 months.

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