Market overview: U.S. house prices rose less than forecst

Sharecast

LONDON (ShareCast) - 1400: The U.S. FHFA´s house price index rose by 0.7 per cent in May, slightly below the 0.8 per cent gain which had been forecast. The previous month´s reading has been revised lower, to show a gain of 0.5 per cent versus a preliminary estimate of 0.7 per cent. FTSE 100 (FTSE: ^FTSE - news) up 18 to 6,641.

1126: The FTSE 100 is up 18 points at 6,642, holding on to gains ahead of the US opening bell in the next few hours with stock futures pointing to modest gains on Wall Street. The S&P 500 is expected to build on gains made yesterday when it closed at another all-time high, its 23rd record close this year. Apple (NasdaqGS: AAPL - news) is in focus today ahead of its results today.

1018: In a report dated yesterday Goldman Sachs Group pared its 12-month commodity return forecast to almost flat. The Standard and Poor's GSCI Enhanced Commodity Index will return 0.1 per cent over the period, instead of the 2.3 per cent forecast the last time around, Bloomberg reports. Interestingly, the New York-based firm still sees a strong so-called strategic case for holding commodities as a hedge against geopolitical risks. Precious metals and agricultural commodities may drop 8 per cent over the period, while base metals advance 6 per cent, the bank said. FTSE 100 up 17 to 6,641.

0911: Budget airline easyJet is trading firmly in the red ahead of its third-quarter trading update due on Wednesday morning. British Airways owner IAG is also lower. The falls come after sector peer Ryanair announced its decision to sell its 29 per cent stake in Irish airline Aer Lingus (LSE: AERL.L - news) to 'any other EU airline'.

0817: The FTSE 100 is up 26 points at 6,649 with mining stocks making good gains on the back of hopes for growth in China. Chinese Premier Li Keqiang has assured that economic growth would not fall below the bottom line this year of 7.0 per cent. He called for the government to allow China to grow within a 'reasonable range', keeping activity above a 'lower limit' and inflation below the 'upper limit'. Precious metal producers Fresnillo (Other OTC: FNLPF - news) and Randgold are performing well, extending their recent strong run; Anglo American (LSE: AAL.L - news) and Antofagasta (Other OTC: ANFGF - news) are also in demand.

View Comments (0)