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FTSE100 set for strong bounce back

Published: 01:48 16 Apr 2014 EDT

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London’s blue chip index is set to open higher after a recovery in the US overnight and better than expected economic numbers from China.

Spread bet firms expects Footsie to add over 40 points in early dealings, reversing almost all of yesterday’s decline to 6,542 on fears a major crisis is brewing in Ukraine.

This initially affected Wall Street but in a rollercoaster day more decent US corporate earnings and the news from China helped sparked a rally with the Dow Jones eventually closing up 90 at 16,263.

Nasdaq and the S&P 500 also pushed ahead, while after hours internet giant Yahoo also raced forward 9% after better than expected ad growth and revenues from Chinese associate Alibaba.

Asian markets were buoyed by the growth in China with Tokyo and Hong Kong both posting good gains.

There is a busy day for UK company news despite the approach of Easter with Tesco and Burberry set to dominate.

Tesco is in turmoil if recent reports are to be believed due to the growth of no-frills rivals Aldi and Lidl.

Brokers expect Tesco’s sales to have declined 2.7% like-for-like over the past three months and suggest a change of strategy, a price war in effect, may now be a necessity.

Cillit Bang owner and household goods giant Reckitt Benckiser, gold and silver miner Fresnillo and leading housebuilder Persimmon also report.


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