After weeks of drift, today's CPI reading has provided the jolt the FTSE 100 badly-needed, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 surges after UK CPI surprise
“The FTSE 100 has been the standout winner of the day thanks to the pound’s losses in the wake of this morning’s surprise slowdown in inflation. No one quite expected UK consumers to be beneficiaries of such a move so soon, but it will at least provide some cheer ahead of what could be a gloomy Budget from the new government.”
“Together with gold and silver miners, today’s big winners have been anything remotely connected to the health of the UK consumer. Suddenly the outlook for UK plc seems much brighter, and it has certainly provided a jolt for the FTSE 100, which has otherwise been quite a dull market in recent weeks.”
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