From Daily Mail and General Trust: 2024-05-11 16:50:18

The FTSE 100 index reached a new all-time high at 8,433.76. The Bank of England hinted at a possible interest rate cut next month. Q1 growth was at an annual rate of 2.4%. The global share rally began in the US, but now other markets are catching up. The UK market is still inexpensive compared to historical ratings.

Among big-tech companies, Apple’s shares are flat, Tesla’s down, and Microsoft’s up 12%. The London market is cheap by US standards. A rate cut in June is a possibility. Positive comments from Bank officials and the end of the recession signal a change in mood. First quarter GDP grew by 0.6%.

Economic growth could exceed expectations this year. The current consensus of 0.4% growth seems low. IMF and OECD revised UK growth forecasts downward. The economy may sustain growth rates close to 2%. The old adage ‘Sell in May and go away’ might not apply this year. A powerful week for the markets overall.



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