FTSE Rallies As Miners Gain

Wednesday, 11th April 2018

Equity markets gained across the board, with Chinese President Xi Jinping’s conciliatory speech restoring some confidence in the markets and allaying fears of a trade war. Xi spoke of plans to cooperate with foreign markets, and offering broader access to the Chinese banking, insurance and securities sectors.

Miners were some of the best performers in the FTSE 100, with Anglo American gaining more than five percent, and Antofagasta also performing well. Meanwhile, traditionally defensive stocks such as utilities were some of the worst hit, with United Utilities down 2.93% and Severn Trent down 2.14%.

In other news, Elon Musk has announced that his company’s Hyperloop transport pod will be put through testing soon. The pod has been upgraded to go at half the speed of sound –which is around 382.7 miles per hour. The plan is that the pod could transport people from city to city at bullet speeds, but even Musk admits that on the short course planned for use for the test, the pod could end up becoming shredded metal. The announcement, which was made over the weekend via Musk’s Twitter account, certainly attracted the interest of the markets and generated a lot of discussion.

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