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Stocks steady as traders await US GDP

market relief

market relief

Equity markets are slowly but surely making up for lost ground this morning. The FTSE 100 suffered severely yesterday on account of the surge in the pound and now we are seeing fresh buyers enter the fold. 

Shares in London Stock Exchange (LSE) are up 1.4% at 3995p after Berenberg gave the company a buy rating yesterday, and placed a price target of 4690p on the stock. The company has been in focus this week as hedge fund manager Sir Chris Hohn he expects consolidation in the sector.

Fresnillo and Randgold Resources are lower on the day as traders book their profits after the recent gains. The underling gold silver and gold markets have been pushing higher lately on account of the soft US dollar, and this morning traders are taking their profits on the two companies.

Berenberg lowered their price target for GVC Holding to 1070p from 1100p, and this stock is down3.4% at 914p.

EUR/USD continues to push higher this morning as the US dollar continues to be weak. The single currency remains in its strong upward trend as yesterday’s European Central Bank (ECB) meeting revealed that some members are a little on the hawkish side.

GBP/USD is taking advantage of the fall in the US dollar, and the better than expected UK growth figures added to the upward move. In the last quarter of 2017, the UK economy grew by 1.5% on annual basis, while traders were expecting a reading of 1.4%

At 1.30pm (UK time) the US will announce the advance GDP reading for the fourth-quarter of last year, and economists are expecting a reading of 3%. 

We are expecting the Dow Jones to open up 40 points at 26,432, and we are calling the S&P 500 up 6 points at 2845.

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