“FTSE 100 closes above 8,300 barrier amid global rally”

May 9, 2024 | Stockmarket

Our own dear stockmarket, as signalled by the ‘flagship’ FTSE 100 index, has led the world in recent days and even weeks. It’s at a record high of over 8300, which must be a good thing, right? Doesn’t that mean that those in the know think we’re doing OK here? It’s well known, or at least often said that markets are looking at what is likely to happen to companies profits next year, and demand for shares now is based on what they think profits will be next time they’re declared. Well, yes, but here’s the dampener. Eight of the top ten companies in the FTSE get less than 10% of their revenue from the UK. HSBC gets most, at 33%, then Glencore at 15%, most others in single figures. So what our market says about us, our prospects and economy is, at best, a moot point. I’d say.

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