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In mid morning trading FTSE 100 is up by around 1% with BP leading the gains.
A strong finish to trading on Wall Street on Thursday has given a welcome boost to shares in London this morning which has pushed the index out to its best levels in a week. Troubled oil company BP is still very much at the front of traders’ minds and so far today it has managed to reverse almost all of Thursday’s losses. The latest news that there may have been twice the amount of oil lost before the well was capped has had little effect on sentiment. Today, many seem to be taking the view that the recent steep losses were an overdone knee jerk reaction to the political rhetoric, and bore little relation to the perceived value of BP.
Looking ahead to the US open we are expecting little change to the Dow when trading resumes. With May retail Sales data due out ahead of the start there is the potential for some volatility if growth is less than the expected 0.2%, with investors still worried about the sustainability of the economic recovery.
