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Last week saw the FTSE shake off its short-term bearish spell, and looked set to have another go at that August record just above 9,360, only for a last minute turnaround late in the day on Friday to spoil the bullish party.
n this version of Technical Tuesday, we’re looking at the key drivers shaping global markets, UK economic data, and what technical signals are telling us about the near-term FTSE 100 forecast. Markets were quite quiet in the early parts of Tuesday’s trade, awaiting the release of key US CPI report, which later came in slightly lower than expected and that was enough to send US futures sharply higher....
FTSE 100 attempts to join global rally, boosted by China's efforts to shore up its economy. China FTSE A50 analysis shows Chinese stocks are responding positively to needs China has set a 5% GDP target, which will needs policy support ‘from all fronts’
HSBC and Glencore shares drop on disappointing earnings, although the overall positive appetite for global stocks and China’s latest efforts to shore up its stock market keeps the FTSE’s downside limited, as attention turns to the upcoming earnings results from Nvidia after the close.
FTSE continues to underperform European and US markets, with new records or multi-year highs set for mainland European indices after S&P crossed 5K. Yet the FTSE was lower again. Still, UK stocks are at “record cheap” levels ahead of busy week of data.
Disappointing Eurozone data put some pressure on European indices on Thursday morning, following the sizeable rally in Europe and US the day before. This saw major European indices drop sharply this morning, led by a 2% fall in Spain’s Ibex. But the FTSE was holding its own relatively better, as rebounding crude oil helped to fuel a rally in energy stocks.
CPI-related gains mostly given back by the FTSE, but expectations of a sooner-than-expected BoE rate cuts have been re-ignited, which could encourage dip-buyers. Indeed, technical analysis suggests bullish trend is well and truly underway for FTSE. Meanwhile, London-listed energy stocks could find support from crude oil, now up for 6th day.
Highest number of daily Covid cases have been recorded in China.
Tax hikes are going to chock any chances of economic growth that there might be...
UK investors more worried about a deteriorating global economy, than are hopeful about the US and other central banks easing rate hikes
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