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Equities are mixed around break-even as investors weigh up the first acceleration in China GDP since 2010, solid Industrial Production growth but poor Retail Sales. A mixed picture begs questions about, 1) Chinese data, and, 2) measures in place to carefully deflate a credit bubble.
The UK Index underperforms, but Miners and Energy are positive, shrugging off GBP strength, suggesting appetite for risk over defensives, as commodity prices are buoyed by corresponding USD weakness (US government shutdown looming). Data and corporate results remain in the driving seat driving ahead of month-end central bank updates (ECB/Fed).
The UK UK Index underperforms, dragged lower by HSBC (profit taking, Carillion exposure), ABF (results), SHP (broker preference for Roche), a plethora of defensives (GBP strength, preference for risk) and a handful of ex-dividends. Limited help from Miners (metals up on USD weakness), Energy (Oil prices stable) and HL.
Germany’s DAX if just offside, with losses for Utilities (hawkish ECB, exposed to higher rates) offsetting outsized gains for Tech, Autos and Insurance.
The UK Index 100 has broken below 7715. The DAX 30 remains in 13140-13345 range. Dow Jones Futures continue to push for fresh highs above 26150. Gold is off its lows, nearing a test of yesterday’s $1332 breakdown.
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The UK Index 100 has broken below 7715 to extends its correction.
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 remains in 13140-13345 range. Which way will it break?
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 continue to push for fresh highs above 26150 to extend its relentless move north since Trump was elected.
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’s is off its lows, nearing a test of yesterday’s $1332 breakdown.
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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