Housebuilders are setting a very solid foundation for the FTSE 100 this morning, leading the index to a 57.8 points (0.89%) jump, to 6543.4.
Taylor Wimpey and Persimmon have soared in early trading, climbing 7.38% to 214 and 5.93% to 795 respectively.
Building supplies distributor Wolseley is also doing well, 4.45% ahead to 716.50.
BSkyB is leading the losses on the news of chief executive James Murdoch’s departure, falling 2.4% to 590 so far.
In New York, Wall Street surged ahead on President Bush’s announcement to freeze interest rates on some sub-prime loans for five years. The Dow Jones climbed 174.93 points (1.3%), to 13619.89.
AIG continues its recent boost on the back of positive sub-prime related news, climbing 5.5% overnight, to 61.35.
JPMorgan Chase also fared well, climbing 2.92% to 46.21, while Intel led a strong day for the Tech sector, up 2.79% to 27.98.
Verizon and Disney were the only stocks to fall.
In Tokyo, a weaker yen led to a jump in the Nikkei 225 index this morning, closing up 82.29 points (0.52%) to 15,956.37.
Exporters took advantage of the currency dip, with car-makers Toyota, Honda and Nissan all among the climbers.
To comment on this story, contact:
0207 034 2681
‘Massive risk-off rush’
Slendebroek CEO since 2014
For clients and social change
Our weekly heads-up for advisers
According to Cicero report