The FTSE 100 gains ahead of major economic data releases this week

The FTSE 100 gained on Monday as investors prepared to receive major economic updates later this week, including US GDP and inflation.

After a busy period of company results and updates, equity investors will be bracing for the macro consequences of insights into global economic growth from the US.

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“The FTSE 100 ticked higher on Monday without suggesting it would threaten the all-time high which it briefly flirted with before a sell-off at the end of last week,” said AJ Bell investment director Russ Mould.

“The big economic announcements come on Thursday and Friday as the US releases GDP figures for the fourth quarter and core inflation numbers from the world’s largest economy are also released.”

“These will offer insight into two key and related factors which are grabbing the market’s attention right now. First, will the US avoid a deep recession and second, will inflation ease sufficiently to allow the Federal Reserve to ease up on interest rates before it has inflicted too much pain on businesses and consumers?”

FTSE 100 gains

The FTSE 100 was gaining with the usual high-beta suspects leading the index higher. Ocado, which has a beta of 1.75, was the top gainer, up 2.3%, at the time of writing. Ocado has become one of the fastest moving FTSE 100 constituents and is now regularly the top riser or faller.

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Miners were stronger on continued optimism around China. Antofagasta rose 1.5%, Rio Tinto 1.3% and Anglo American 1.1%.

St James’s Place was the FTSE 100’s top faller after the wealth manager’s rating was cut by analysts at both Barclays and HSBC. Barclays now has a price target of 1,507p with a hold rating. St James’s Place was down 2.5% to 1,203p at the time of writing.

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