All major sectors opened higher today before both the oil and mining sectors began to weigh on early gains. However, the FTSE is currently finding support from 3,800 and this is boosting investor confidence.
The market is looking towards a raft of economic activity which is due over the next couple of days. Yesterday we saw pleasing US housing starts and today we are expecting figures on UK unemployment, US CPI as well as the Fed's rate decision. Investors are also likely to peruse the BoE minutes with an eye on the scale of QE debated. If we see more positive data investors could start to bargain hunt.
However, we know economic conditions remain difficult and it will not take much to shatter this new found confidence.
There will be a focus on today's Fed rate decision with varying speculation on the next steps it will take to stimulate the US economy.
