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FTSE 100 watch: Footsie steady amid US-China trade talks optimism

The UK benchmark index have climbed marginally higher in London in today’s session, with investors digesting the prospects for a US-China trade deal as well as a tentative agreement to avert a government shutdown in the US. In individual FTSE 100 movers, shares in TUI Group (LON:TUI) have fallen into the red with the company posting a loss for the first quarter, having trimmed its earnings expectations last week.

FTSE 100 inches higher

As of 12:35 GMT, the Footsie had added 16.28 points to stand 0.23 percent higher at 7,145.39. The blue-chip index has tracked Asia higher, amid optimism for a trade deal between the US and China.

“The FTSE 100 has managed to rally back towards the crucial 7,196 resistance level over the past two days,” Joshua Mahoney, market analyst at IG, commented in a note today, adding that the index’s “ability to break through that 7,196 level is going to be crucial in determining where we go from here”.

Market sentiment has also improved after US lawmakers reach a tentative deal to avert another government shutdown.

“In particular, the plan would give President Trump just under $1.4 billion to progress his much-desired border wall with Mexico, rather than the $5.7 billion that he has been seeking,” Daiwa Capital Markets said, as quoted by Proactive Investors.

TUI shares head south

In individual blue-chip movers, shares in TUI have been sold off as the company revealed that its losses had widened in the first quarter of its financial year. The tour operator’s shares are currently changing hands 3.05 percent lower at 929.00p.

The FTSE 100 index was 0.04 percent up at 7,132.23 points as of 12:59 GMT on Tuesday, 12 February 2019.

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