FTSE 100 index trades higher ahead of Federal Reserve minutes and UK employment and wage data as Glencore, Anglo American, Rolls-Royce and tourism companies share prices rise
The FTSE 100 index traded higher this morning as all eyes turn to UK employment and wage data, as well as the latest Federal Reserve minutes.
The UK's blue-chip index rose 1.27 per cent to 5,936 points in mid-morning trade, led higher by Glencore, Anglo American and Rolls-Royce despite the price of oil falling back slightly.
"Despite yesterday’s slide in oil prices US markets did manage to finish the first day back after their long weekend break with a positive session, but as they were playing catch-up with Europe on Monday, not too much should be read into that given that Europe finished slightly lower yesterday," said Michael Hewson, chief markets analyst at CMC Markets.
He added: "While the positive US session looks like it could well translate into a positive start for European markets this morning, Asia markets have stumbled somewhat overnight, with the Japanese yen pushing higher again, while European investors look towards the latest UK unemployment and wages data, and the latest Fed minutes."
Glencore's share price rose after the commodities miner and trader signed a new deal which will refinance and replace its $8.45bn one-year revolving credit facility that it signed in May 2015. Its share price rose 8.69 per cent this morning on the news to 111.83p.
And other miners followed suit. Anglo American was trading 5.58 per cent higher at 420.15p per share, while BHP Billiton was up 1.99 per cent to 706.8p per share.
Rolls-Royce was another of the FTSE's risers this morning, up 2.61 per cent to 648p per share. This morning it was announced that the company was preparing to give a board seat to ValueAct, a US based investor.
And a number of tourism based stocks jumped. TUI was up 1.46 per cent at 1,043p per share, while Carnival jumped 1.66 per cent to 3,247p per share. InterContinental Hotels Group's share price rose 3.21 per cent to 2,380p.