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Equities are positive to start the new week as positive macroeconomic data and corporate results take precedence over geopolitics. A commodities boost comes courtesy of in-line Chinese PMI data overnight which, alongside HSBC’s Q2 earnings beat and $2bn buyback scheme, is helping the UK 100 to outperform its European and North American peers. The DAX is flat as strong German Retail Sales data is offset by a better-than-expected Eurozone Core CPI print forcing the USD to retreat from session highs while the Dow Jones traded a fresh all-time out-of-hours high earlier this morning.
The UK UK 100 is holding above 7400 thanks to HSBC (Q2 results & share buyback), Miners (Copper fresh 2-year highs, Iron Ore 4-month highs), Oilers RDS & BP (Brent Crude holding $52) and AZN (FDA drug approval). This offsets weakness from Tobacco (FDA nicotine reduction plans), Rolls-Royce (cash flow warning) and Banks Barclays & Lloyds (sector rotation). Germany’s DAX is flat around at 3-month lows as Defensives (BASF, RWE, E.ON) outperform while Infineon Technologies and HeidelbergCement weigh ahead of results tomorrow.
The UK Index 100 is back above 7400 and testing 1-week falling highs resistance after an earlier ‘fake out’. The DAX 30 is flat as its 200-day MA remains supportive, however EUR strength weighs. Dow Jones Futures have retreated after notching a fresh all-time out of hours high on the European open. Bullish flag? Gold is retreating towards rising lows support at $1265 after a fresh 6-week high overnight.
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The UK Index 100 is back above 7400 and testing 1-week falling highs resistance after an earlier ‘fake out’.
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 flat as its 200-day MA remains supportive, however EUR strength weighs.
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 retreated after notching a fresh all-time out of hours high on the European open. Bullish flag?
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 retreating towards rising lows support at $1265 after a fresh 6-week high overnight.
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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