The FTSE 100 was up five points in early trading to 4,035.79 by 09:00 GMT as investors digested yesterday’s Budget. Retail stocks led the rally, with Next up 8.01 per cent and Marks & Spencer up 6.61 per cent. Fund management Schroders saw a fall of 3.24, after reporting a 54 per cent fall in first quarter profits. Yesterday’s Budget targeted the top income earners and featured help for pensioners, making it a mixed bag for the stock market. Pension providers were affected by the changes as many fear high earners may take their cash elsewhere, while a gloomy economic forecast for the year signaled the recession is far from over. The FTSE 100 was up five points in early trading to 4,035.79 by 09:00 GMT as investors digested yesterday’s Budget. Retail stocks led the rally, with Next up 8.01 per cent and Marks & Spencer up 6.61 per cent. Fund management Schroders saw a fall of 3.24, after reporting a 54 per cent fall in first quarter profits. Yesterday’s Budget targeted the top income earners and featured help for pensioners, making it a mixed bag for the stock market. Pension providers were affected by the changes as many fear high earners may take their cash elsewhere, while a gloomy economic forecast for the year signaled the recession is far from over. Forex: The EURUSD had a significant bullish correction yesterday. The pair broke above key resistance level 1.3100, topped at 1.3159 and closed at 1.3143. Technically the pair would test another resistance around 1.3210 or even 1.3309 area in nearest term but medium bias remains unclear. Failure to stay above 1.3100 today should take us back to bearish outlook towards 1.2900 – 1.2850 area.
High news today, GBP retail sales and Prelim GDP are both expected to be better than previously forecast. At 1:30pm USD core durable goods orders also expected to improve.
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