Rolling coverage of the latest economic and financial news
- Latest: FTSE 100 has surged by 190 points today
- Biggest one-day jump in over three years
- UK PMIs show economy struggling in December
- PMI falls to 48.5, showing sharpest contraction in 41 months
- Introduction: US-China trade deal lifts markets
- End of political paralysis in UK
BOOM! £50bn has been added to the value of Britain’s biggest companies, as the City continues to celebrate Boris Johnson’s election victory.
The FTSE 100 index of top blue-chip companies has just closed 165 points higher at 7519 points, which is a four month high. That lifts its value by around £42.6bn, and is the biggest points rally since the aftermath of the Brexit vote in 2016.
With clarity on Brexit and a first phase trade deal agreed investors are more than ready to jump aboard the Santa rally.
This is the last full week of trading prior to the Christmas break, which means that volumes will be starting to thin out and any moves in the market could be exaggerated.
With just a few minutes to go, the Footsie is firmly on track for its best day in three years…
It’s currently up 195 points, or 2.66%, at 7548. Still time for a late collapse, though…. #unlikely