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European equities have found bullish impetus thanks to a raft of corporate earnings and some welcome currency weakness for both the GBP and EUR, outweighing any nerves about a hawkish ECB update and more QE taper hints. Metals prices off their best due to USD strength, although Crude oil remains strong after yesterday’s US inventory data.
The UK UK 100 is outperforming, being driven north by heavyweights BATS (weaker GBP, Reynolds merger approval), GSK (weaker GBP; defensives strong), BP & RDSb (higher oil prices), Banks (general sector strength), BT & VOD (telecoms strong). Hindering are EZJ (results), IAG (EZJ + Lufthansa results) and RIO & GLEN (Copper prices lower). Germany’s DAX is higher thanks to industrials while poor results hurt Lufthansa (-5.6%).
The UK Index 100 has made a bullish breakout trade to fresh 1-month highs at 7480. The DAX 30 has broken back above 12500 to extend its bounce. Dow Jones Futures are back within touching distance of record intra-day highs. Gold is holding above this week’s $1236 breakout.
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The UK Index 100 has made a bullish breakout trade to fresh 1-month highs at 7480
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 12500 to extend its bounce
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 back within touching distance of record intra-day 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 holding above this week’s $1236 breakout.
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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