Morning Call by Traders University

The FTSE closed up 163 points yesterday closing at 3926. HSBC, Vodafone, GlaxoSmithKline, BP and Shell the index’s biggest by market cap made the most significant gains all rising between 2 and 7 percent. Barclays had the worst time as it fell 0.74 percent only 2 other shares ended in the red. The massive rise in the FTSE wasn’t surprising as the Dow Jones rose 86 points closing at 7617 the 2 index’s rise was the biggest monthly rally for global equities since 2003, based on the speculation banks have grown more eager to lend and investors bought March’s best performing stocks. In forex news, overnight the AUD Building Approvals m/m figure exceeded expectations with an increase of 7.8%, however the Retail Sales m/m figure was well below expected at -2.0% a significant drop on previous month. At 8:30am the GBP Manufacturing PMI is due with no significant change expected. In a heavy USD news day, starts at 12.15pm with ADP Non Farm Payroll Employment change which is expected to see a further reduction of 660K jobs. Then at 2.00pm ISM Manufacturing PMI is due with a steady result expected. Also at 2.00pm the Pending Home Sales m/m is expected to show to an increase to 0.2%.