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Global equities are marginally lower heading into this afternoon as macroeconomic data and corporate results drive market sentiment. Strong Manufacturing PMI readings from Western Europe – including the headline economic area’s print – have awoken Euro bulls after this week’s sell-off, consequently clipping the US dollar’s wings. As a result, the German DAX’s numerous exporters are holding back the index, while the UK Index is being dragged lower as yet another stock suffers severely after a corporate update. Today, WPP weighs having trimmed its 2017 growth forecasts after companies reduce ad spending, forcing the advertising giant to lower the fees it charges.
Alongside WPP, the UK 100 is being dragged lower by heavyweight defensives BATS, VOD and PRU, outweighing the gains provided by the Pharmaceutical sector (US tax reform hopes), Shell (EUR strength), Tesco and Lloyds (technical breakouts). Germany’s DAX is also suffering the effects of WPP’s downgrade, with Proseibensat blighting the index alongside its exporting names to outweigh gains for Deutsche Bank.
The UK Index 100 is trading at week-long rising lows support at 7380 after encountering 7395 resistance. The DAX 30 is attempting to recover from 12,210 support having also pared early gains. Dow Jones Futures have returned to overnight lows of 21,850 after a double failure to overcome 1-week falling highs resistance. Gold is capitalising on USD weakness to continue its rally from $1283 overnight lows.
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The UK Index 100 is trading at week-long rising lows support at 7380 after encountering 7395 resistance.
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 is attempting to recover from 12,210 support having also pared early gains.
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
Dow Jones Futures have returned to overnight lows of 21,850 after a double failure to overcome 1-week falling highs resistance.
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 capitalising on USD weakness to continue its rally from $1283 overnight 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.
Click here for help with Support & Resistance Click here for help with technicals
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