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The UK 100 is positive, albeit in a very muted fashion. The combination of stronger GBP, helped by UK unemployment falling to 40-year lows, and continuing market jitters over fallout from Turkey’s FX issues, are putting a leash on UK Index ‘s advance. Defensive non-cyclical stocks are at the forefront of the index today, while Miners are hurt by much weaker than expected macroeconomic data out of China and falling copper prices.
Contributors: UK Index +7pts, supported by GSK/RB/DGE/ULVR/BATS (defensives, heavyweight, risk off). Preventing the index from genuine growth today are ANTO (results, low copper prices), RIO/GLEN/AAL (ANTO read-across, poor China data, low copper prices) and PRU (risk off, negative momentum).
Technicals: The UK 100 is close to testing 2-week rising support
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The UK 100 is close to testing 2-week rising support
Watch levels: Bullish 7680, Bearish 7620
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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Prepared by Michael van Dulken, Head of Research