FTSE 100 seen higher as global stocks rally

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The FTSE 100 is seen starting Thursday on the front foot after US markets whipped a turnaround after Wall Street began the week with back-to-back declines.

In London, CFD firm IG Markets makes the blue-chip benchmark some 25 points higher, with the price quoted at 6,926 to 6,929 with just over an hour to go until the open.

On Wall Street last night, the Dow Jones advanced 316 points or 0.9% to close Wednesday at 34,137.

The S&P 500 similarly rose by 0.9% to 4,173 at the end of play, and, the Nasdaq rose further, adding 163 points or 1.19% to finish at 13,950.

The small-cap centric Russell 2000 gained some 2.35% to 2.239.

“While the about turn is a welcome respite from the start of the week, the rebound can’t disguise the divergence taking place in various countries when it comes to vaccination levels and infection rates,” said Michael Hewson, analyst at CMC Markets.

“Despite these concerns travel stocks enjoyed a decent rebound led by cruise lines and airlines. While the US and UK appear for now to be on top of the virus, it is still running riot in Asia, with India and Japan suffering acutely, while the situation in Europe appears to have steadied for the time being.

“This turnaround looks set to see markets here in Europe open higher, ahead of today’s European Central Bank rate meeting.”

Elsewhere, in Asia, Japan’s Nikkei climbed 590 points or 2.08% to 29,100 whilst Hong Kong’s Hang Seng gained 0.38% to 28,729. The Shanghai Composite meanwhile was down 0.14% at 3,465.

In Europe, attentions are on the ECB meeting later today which will be followed for any stimulus news. Commentary and insights around inflation will also be keenly eyed.

Around the markets

The pound: US$1.3933, up 0.01%

Gold: US$1,792 per ounce, up 0.76%

Silver: US$26.47, up 2.37%

Brent crude: US$65.06 per barrel, down 2.26%

WTI crude: US$61.10 per barrel, down 2.5%

Bitcoin: US$54,341, down 1.87%

6.50am: Early Markets – Asia / Australia

Stocks in the Asia-Pacific region were mostly higher on Thursday as India reported over 314,000 new COVID-19 cases, the highest-ever daily count recorded anywhere in the world since the pandemic began.

The Hang Seng index in Hong Kong rose 0.40% while the Shanghai Composite in China slipped 0.21%.

In Japan, the Nikkei 225 surged 2.08% and South Korea’s Kospi gained 0.19%.

Shares in Australia advanced, with the S&P/ASX 200 trading 0.66% higher.

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Proactive Australia news:

Noxopharm Ltd’s (ASX:NOX) interim data on its NOXCOVID trial points to Veyonda® providing protection against the progression of severe inflammation associated with a worsening of the disease in patients with moderately severe COVID-19.

Aeris Resources Ltd (ASX:AIS) shares are up after an encouraging increase in gold resources at the Cracow Gold Operations in Queensland and further strong results from the Constellation deposit of the Tritton Copper Project in New South Wales.

MGC Pharmaceuticals Ltd (ASX:MXC) (LON:MXC) (OTCMKTS:MGCLF) (FRA:H5O) is acquiring MediCaNL Inc, an Israeli company providing specialist services worldwide to the pharmaceutical sector for the development of new medicines.

archTIS Ltd (ASX:AR9) has launched into the Europe, Middle East and Africa (EMEA) market with several new customer wins that validate its portfolio of data security products.

Chalice Mining Ltd (ASX:CHN) (OTCQB:CGMLF) continues to expand the footprint of its Julimar PGE-nickel-copper discovery near Perth, Western Australia, with strong new results from ongoing exploration seeing shares increase again this morning.

Chimeric Therapeutics Limited (ASX:CHM) has confirmed that all patients dosed in the first patient cohort in City of Hope’s phase 1 CLTX CAR T cell clinical trial have advanced beyond the 28-day follow-up period without experiencing dose-limiting toxicities.

Lithium Australia NL’s (ASX:LIT) (OTCMKTS:LMMFF) (FRA:3MW) incorporated joint venture, Soluna Australia Pty Ltd has received Clean Energy Council (CEC) approval for the 10K Pack HV pre-assembled battery systems for residential applications.

Aurumin Ltd (ASX:AUN) has received high-grade assays from reverse circulation (RC) drilling at its 100%-owned Mt Dimer Project, around 120 kilometres northeast of Southern Cross in Western Australia.

SenSen Networks Ltd (ASX:SNS) (OTCQB:SNNSF) has boosted its outlook for the 2022 financial year off the back of continued growth in North America.

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