Stocks edge up despite Capitol Hill chaos

London stocks edged higher in early trade on Thursday despite the chaos on Capitol Hill overnight, with hopes of further US stimulus continuing to underpin sentiment. At 0835 GMT, the FTSE 100 was up 0.3% at 6,858.65.

Spreadex analyst Connor Campbell said: “The assault on Capitol Hill failed to shake the market’s resolve to start 2021 with their best foot forward. However, Europe did struggle to match its recent growth after the bell.

“Though Biden’s electoral victory is still yet to be officiated due to Wednesday’s attempted fascist insurrection, investors have had confirmed a pair of Democrat victories in Georgia’s run-off races, with Raphael Warnock and Jon Ossoff becoming the first Black and first Jewish senators in the state’s history.

“Now that the incoming administration has control of the upper and lower chambers of Congress, it is on the Biden government to show they can get things done – and from a market perspective that means a chunky stimulus package to compensate for the compromised bill agreed before Christmas.

“Hopes that Biden and co. will deliver drove the markets higher on Wednesday, and just about allowed Europe to keep its green sheen at the start of Thursday’s trading.”

Jarvis Investment Management Ltd offers a wide range of stockbroking and administration services and solutions. Their parent company, Jarvis Securities plc (LON:JIM) is listed on AIM.

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