• European shares higher • The threat of Corbynomics for UK markets • Apple gains to ARM holdings onto FTSE top spot • US stocks to open higher Shares in Europe were firmer in Monday morning trade. Markets have chosen to look through another set of weak Chinese data with investor attention set squarely on the meeting of the Federal Reserve this week. The perceived anti-business threat of Jeremy Corbyn and Corbynomics hasn’t dented confidence UK markets so far. UK stocks rose on Monday with the FTSE 100 trading around the bottom of the 200 point range that’s been in place for the last week. Clearly The Labour Party are not in power but the small majority of The Conservative Party means there will be occasions where the party’s new extreme left leader can influence policy. One obvious area of concern is Corbyn’s anti-EU leanings that could make a ‘Brexit’ more likely, something largely viewed as bad for business by Britain’s’ largest firms. The flipside is that there is widely held opinion that Corbyn’s election will keep the traditionally more business-friendly Conservative party in power for longer, which should be good for UK markets. The surge in Apple stock surrounding its latest product unveilings has helped Apple chip-supplier ARM Holdings to the top spot in FTSE. The new Apple products, baring a rather sketchy ‘Apple Pencil’ were mostly as expected. It’s the new iPhone plan that has captured investor’s imagination on the prospect of a quicker upgrade cycle. Mining stocks showed resilience to another bout of weak albeit improved Chinese data released over the weekend, with Anglo American and BHP Billiton both up over 2%. US stocks are set for a slightly higher open on Monday with the dow jones set to open around 20 points higher. It feels like the first time in weeks that the Dow hasn’t been ready to gap triple digits on the open. The drop in volatility is welcome but unfortunately it’s probably the calm before the storm of the Fed’s decision on whether to hike rates on Thursday. USA pre-opening levels S&P 500: 3 points higher at 1,964 Dow Jones: 20 points higher at 16,453 Nasdaq 100: 11 points higher at 4,334. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
FTSE higher as Labour turns to Corbynomics
20:00, 13 September 2015