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Global equities are lower after reports of the European Parliament wanting privileged single-market access for the UK post Brexit drove GBP higher, to the detriment of the UK 100 which has extended its retreat from rebound highs. That said, fresh USD gains is already eroding this as we write. The flip-side is EUR weakness supporting Germany’s DAX, which trades just above Feb rising support. This as we await stateside traders’ return, to see whether Wall St wants to drive global sentiment even further south than the 1.5% that UK/German equity indices (and US futures) have already fallen from their highs.
The UK 100 is being dragged lower by a GBP jump as well as heavyweights HSBC (FY results miss, buyback pause, capital raising), BHP (H1 results miss, activist risk), RB (extending yesterday’s margin concern fuelled sell-off), RIO (stronger USD, weak copper, BHP read-across) and SHP (succumbed to downtrend again), IHG (results, 2018 div holiday). Contributing positively are GSK (beneficiary of peer weakness), BP (oil holding last week’s gains), CRH (tech bounce, US exposure to infrastructure spending) and EVR ($2bn supply deal with Russian railways).
The UK Index 100 has bounced off Thursday’s 7205 lows. The DAX 30 has bounced off Feb rising support at 12335. Dow Jones Futures have rolled back to test 25000. Gold has broken below $1346, disliking the strong USD.
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The UK Index 100 has bounced off Thursday’s 7205 lows
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 has bounced off Feb rising support at 12335.
Watch levels: Bullish 12,400; Bearish 12,350
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 have rolled back to test 25000.
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 has broken below $1346, disliking the strong USD.
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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