US Labor Day celebrations herald end of summer slowdown - OptionsDesk
London, UK
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September 04, 2023 09:56 AM Eastern Daylight Time
OptionsDesk broker Richard Perry speaks to Thomas Warner from Proactive about what to expect from the markets over the coming week, highlighting US Labor Day's traditional role as the end of the summer slowdown.
The FTSE 100 index broke through the 7,500-point ceiling at this morning, with mining companies leading the charge. Perry notes that the 7,500-point level has proven to be a source of technical resistance in recent, and it remains to be seen if the market can sustain its gains. He notes that the absence of US markets due to Labor Day is likely subduing activity for the day and the week ahead, and that the week ahead is relatively quiet in terms of data releases with only global PMI data for August and EU GDP data later in the week expected to make any significant impact.
As we transition from the summer doldrums to a potentially more active market period, Perry anticipates increased trading activity as traders and dealers return to their desks for the last quarter of the year.
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