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FTSE 100 inches higher before ECB announcements

2nd August 2012

The FTSE 100 inched a few points higher this morning (August 2nd), as investors expressed cautious optimism regarding the European Central Bank's (ECB) imminent announcements.

Reuters reports that the blue chip index opened up 0.2 per cent at 5,722.11, building on a strong day yesterday which saw it rise 1.4 per cent to close at its highest mark since July 19th.

However, today could see major moves with traders believing that positive news from the ECB could see the FSTE soar by 100 points if Mr Draghui delivers on his promise to do whatever it takes to save the euro.

The Bank of England's Monetary Policy Committee also meets today with experts expecting the members will decide to stick with their current stimulus plan for the UK's struggling economy, while policymakers take time to assess the impact of other recent actions. 

It was energy stocks - which rallied following recent disappointing earnings announcements - that provided the main boost to the FTSE's performance.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.