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Should I pay off my student loan before applying for a mortgage? Money Morals: What should I charge a friend to rent my spare room? London’s blue chip index started to bounce back from a major sell-off that wiped trillions of pounds off global markets this week in response to fears that rising inflation could spark interest rate hikes. The FTSE 100 Index ended the day up 1.
Indexes across Europe posted gains, with Germany’s Dax up around 1. 9 per cent and the Cac 40 in France lifting by 1. Across Asia, Tokyo’s Nikkei 225 Day closed 0. 16 per cent higher, though the Hang Seng Index in Hong Kong remained down by 0. Markets were taking their cues from across the Atlantic after Wall Street swung back into the black in overnight trading and continued to push higher after markets opened on Wednesday. The global equity sell-off had been building since last Friday when traders became spooked by the prospect of tighter monetary policy after the US posted strong average earnings data. Despite rising share prices, investors seemed to be taking a more cautious approach.
David Madden, a market analyst at CMC Markets UK, said: ‘Equities are in recovery mode today after enduring a turbulent week. A combination of shorting covering and bargain hunting is helping the markets today. It has been a brutal week for investors, but some are keen to step in and take advantage of the fall in prices. There is still a sense we could be in for another leg lower, and for that reason some dealers are reluctant to get back into the market. On the currency markets, the pound took a tumble against a stronger US dollar to trade at 1. 3 per cent versus the euro to 1.
Brent crude prices were down nearly two per cent at 65. 4p after reporting rising full-year sales and profits, and pointing to a pipeline of new products that will help its performance in 2018 – including those to treat lung conditions and shingles. 5p despite the supermarket being faced with an equal pay case by women who claim they are being paid less than men for work of equal value. Harvey, the rising pound and tighter regulation. Away from the top tier, the FTSE 250 Index rose 429. 65 points, helped by a surge in Redrow stocks that ended the day up 32p at 625. 176million, on the back of higher selling prices and a jump in completions.
Shares in utility giant Severn Trent rose 54. 5p as Britain’s biggest listed water company reported a 12 per cent drop in water quality complaints, despite seeing more supply interruptions than usual. 50million in outperformance payments from water regulator Ofwat. The biggest risers on the FTSE 100 were Scottish Mortgage Investment Trust up 27. 8p at 450p, Old Mutual up 12.
8p, 3I Group up 40p at 935. The biggest fallers on the FTSE 100 were Randgold Resources down 244p at 6,214p, Fresnillo down 35. 4p, and Smurfit Kappa Group down 6p at 2,444p. Computer programs which trade on fear were blamed for turmoil on the global markets after the market sell off earlier this week, James Burton reported. A handful of largely anonymous firms are thought to have made millions by selling stocks as volatility spiked after trading floors were gripped by fears of returning inflation. Many of these computerised deals are also made by secretive high-frequency traders which run algorithms to buy and sell huge volumes of stock in microseconds to make money out of sudden market moves.