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Global equities are trading higher into the afternoon as investors await key trading updates from five Dow Jones components. On the UK 100 , buoyant commodity prices are helping to offset the impact of a disappointing set of results for Whitbread in which life-for-like growth at its Costa branches looked underwhelming, whilst positive Manufacturing PMI data and M&A speculation in the German banking space is helping the DAX higher. After breaking a run of six consecutive record closing highs, Dow Jones futures are pointing to a positive open on Wall Street ahead of results from constituents that make up over 15% of its overall weight.
The UK 100 is keeping its head above water thanks to positive contributions from it heavyweight Oil, Mining and Banking sectors, the two former due to higher base metals and oil prices while the latter rally ahead of the start of Q3 earnings tomorrow. This is offsetting the negative impact of Prudential, Pharmaceuticals (technical reversals), Whitbread (Q3 results), BATS (extending yesterday afternoon’s losses) and BT.
The German DAX is higher thanks to M&A speculation surrounding Commerzbank after the lender hired institutional advisors, a move which is also helping lift Deutsche Banks shares. Other notable outperformers include Heidelberg Cement and auto makers Volkswagen and Daimler. At the other end of proceedings, BASF underperforms after reporting declines in its oil and agricultural businesses, while Deutsche Boerse, SAP and Deutsche Telekom also weigh.
The UK Index 100 is testing the ceiling of a short-term falling 7500-7530 channel. The DAX 30 continues to narrow between 12980-13050. Dow Jones Futures are recovering from last night’s 23270 lows as they attempt to return to record highs. Gold is retreating from falling highs resistance at $1284 after an earlier test of the key level.
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The UK Index 100 is testing the ceiling of a short-term falling 7500-7530 channel.
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 continues to narrow between 12980-13050 having rallied from rising lows support this morning.
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 recovering from last night’s 23265 lows as they attempt to return to record highs.
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
Gold is retreating from falling highs resistance at $1284 after an earlier test of the key level. Note, RSI stuck below 50 = bearish
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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