Going into the final minutes of trading, the FTSE 100 is down 39-points on the day, failing to benefit from encouraging housing market statistics and a rise in the pound.

Despite the release of optimistic housing statistics that took the pound to a 3-month high against the dollar, investors seem disinclined to jump at today’s signs of recovery, with the FTSE loitering around the 3949 mark.

Positive news can take time to filter down to share prices, which means that things could still be on the up, and savvy investors will be watching keenly over the coming days to see what turn events will take.

The Dow was also bucking a trend, although in the opposite direction to the FTSE, rising 38-points since opening, with gains brought in by consumer and industrial firms despite the release of poor consumer-price industrial output data.

With the markets remaining unpredictable, it seems many investors are happy to put statistics to one side and go with their instincts.

By Tim Hughes, Head of Sales Trading, IG Index.

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