Investors push shares higher ahead of Bank of England decision and more Greek talksLeading shares have continued their post-election gains, helped too by positive global news.China’s decision to cut interest rates for the third time in six months, by 25 basis points, following disappointing trade data has helped mining shares. Anglo American is up 23.5p at £11.39 while Glencore has climbed 6.75p to 309.35p. Michael Hewson, chief market analyst at CMC Markets UK, said:Having seen a set of pretty awful March trade numbers, hopes were high that the April numbers would provide a bit of rebound. In the event they were disappointing as well, with exports sliding 16.2%, casting doubt on the global recovery story. Imports also slid again, this time by 6.4%, raising further questions about the internal Chinese recovery story. This weakness appears to have prompted the Chinese authorities to cut rates .... with the likelihood of further easing measures in the coming months, unless things start to pick up quickly. This week’s April industrial production and retail sales data are likely to be the next key test as to the health of the Chinese economy. Continue reading...
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