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Equities have found their mojo, in Europe at least, at odds with traditional reluctance to take on risk ahead of a major central bank policy update. Upwardly revised Eurozone Q2 GDP may be a driver, before ECB President Draghi addresses a Q&A focused on EUR strength and taper timing. Investors perhaps embracing Trump intervention to extend the US debt ceiling deadline, making up for still simmering NK geopolitical risk.
The German DAX outperforms thanks to strong gains for Utilities (M&A speculation about RWE unit; E.ON started work on Texas waves energy storage project), Autos extending gains (BARC & GS upgraded sector) and Industrials tagging along.
The UK UK 100 is up, to a lesser degree, led by positive contributions from BATS, IMB & DGE (defensives; IMB completes placing in Logista), RDSb & BP (higher oil), AZN (drug news), MCRO (capital markets day). Holding the index back are BHP (ex-div), WPP (weak ad outlook) and LLOY/RBS (extending Aug downtrends).
The UK Index 100 has rallied back close to 7400. The DAX 30 has broken back above 12300. Dow Jones Futures are struggling to overcome 12800. Gold has bounced off late Aug rising support, creeping back up to $1340.
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The UK Index 100 has rallied back close to 7400 extending its rebound from a flirt with summer support around 7300.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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The DAX 30 has broken back above 12300 to clear a major hurdle and extend its bullish reversal from below 12000
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Dow Jones Futures are struggling to overcome 12800, with September falling highs proving a hurdle.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Gold has bounced off late Aug rising support, creeping back up to $1340.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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