Yawn: The FTSE 250 has hit another record high
The FTSE 250 hit a record high this morning, after investors' interest was piqued by Donald Trump's promise of a "phenomenal" tax announcement.
The index sprang to 18,670 points in the minutes after the market opened, pushed higher by chemicals giant Elementis, whose shares jumped 9.5 per cent to 301p after it unveiled plans to buy chemicals platform SummitReheis for $360m (£288m).
That was followed by investment manager Ashmore, which rose three per cent to 345p, and engineer Amec Foster Wheeler, which rose 2.4 per cent to 455.5p.
Meanwhile, the FTSE 100 rose 0.5 per cent to 7,263 (some way off its record intraday high of 7,354).
Earlier this week the FTSE 250 closed at a record high after Bank of England deputy governor Kristin Forbes (who has since announced her departure from the role) hinted at an impending interest rate rise.
Yesterday airline shares rose after Trump announced plans to ditch "burdensome regulations" in a meeting of airline bosses – promising a "phenomenal" corporate tax announcement in the next couple of weeks, which will "lower the overall tax burden of American businesses".
However, a raft of industrial data due out this morning could put a halt to the FTSE's rise.
"The FTSE will get something of a test this Friday in the form of its manufacturing and industrial production readings," said Connor Campbell, financial analyst at Spreadex.
"Both figures are forecast to see sharp drop month-on-month (the former from 1.3 per cent to 0.3 per cent, the latter from 2.1 per cent to -0.2 per cent); however, the tendency recently has been for the pound to absorb any bad news data-wise, something that may only lift the FTSE higher."
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