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FTSE 100 futures are currently trading at 5606.9-higher by 0.79% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.
In the cash markets, FTSE 100 added 1.95% at the time of writing.
The broad-market index gained today as a recovery in crude prices and a better-than-expected Chinese economic data revived confidence in financial markets amid a deep selloff in March.
The benchmark, however, was on track for its worst quarter since 1987.
Index component Melrose Industries rose 5.33% after it secured a debt covenant waiver and disclosed it was lowering expenses in an effort to ride out the virus crisis.
Imperial Brands surged 11.36% as it secured a new $3.85 billion credit line and said it was not expecting any major hit to business from the coronavirus outbreak.
The Chinese Manufacturing PMI for March released earlier today came in at 52.0. The PMI reading was above the market expectation of 45.0.
London’s main index has recovered around 15% since touching a near nine-year low earlier this month.
The FTSE 100, however, remains about 25% below its January record high as many countries enforced stay-at-home orders due to coronavirus pandemic, halting business activity.
The midcap index FTSE 250 was up 3.26% at the time of writing. The index was on course for its worst quarterly drop ever.
Crude prices rose today after the US President and his Russian counterpart agreed to talks to stabilize energy markets, with oil prices rebounding from 18-year lows hit as the global coronavirus crisis worsened. The news boosted stocks of BP Plc and Royal Dutch Shell.
Housebuilders were trading mixed on Tuesday. Taylor Wimpey added 0.17% while Barratt Developments lost 1.01% at the time of writing.
On the data front, the final estimate of the UK GDP for the fourth quarter was released on Tuesday. The QoQ rate of change in the GDP was +0.0%. The GDP growth was in line with market expectations.
On the technical front, the RSI is currently at 44.92% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Buy at 5590. Take Profit at 5660. Stop Loss at 5555