This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are firmly in the red after North Korea delivered its biggest provocation in two decades by firing a ballistic missile over Japan, adding fuel to the fires of geopolitical uncertainty. The rush for safe havens and ditching of the USD is resulting in more unwelcome GBP and EUR strength, hurting the UK Index and DAX, while the US and oil markets deal with the effects of Hurricane Harvey.
The UK 100 is being dragged lower by heavyweights with FX exposure, financials and base metal miners. The only help at hand for the UK index comes from precious metals miners benefiting from demand for their safe haven wares. Germany’s DAX is suffering from across-the-board weakness, most notably from ProSieben (weaker Q3 ad outlook), but also financials (incl. insurers on Hurricane) and industrials, while a mix of consumer, real estate and medical fare best.
The UK Index 100 has bounced from another test of 7300. The DAX 30 has extended its downtrend to test 11900. Dow Jones Futures are holding June rising support at 21650. Gold has potential to extend its July/Aug bullish flag to $1340.
Click below to expand sections for more detailed analysis
The UK Index 100 has bounced from another test of 7300. hindered by GBP strength and general risk aversion. Rebound or tease?
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
The DAX 30 has extended its downtrend to test 11900, hindered by EUR strength
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 are holding June rising support at 21650. Rebound after weakness?
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 potential to extend its July/Aug bullish flag to $1340. RSI in upper half of range = bullish.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research