Minutes until THE minutes

Minutes until THE minutes

Mike van Dulken, Head of Research at Accendo Markets commented to clients this morning:

Equities are nursing losses as positive comment from ECB members and expectations of hawkish ECB minutes at 12.30pm dent the FTSE and DAX. This is due to a stronger EUR pushing USD lower, and thus GBP higher, hurting their international contingents. Oil is clawing back lost ground, along with metal prices, but FX moves are driving sentiment. The FTSE 100 sees losses for Oil and internationally exposed defensives (BATS, RB, ULVR, AZN, DGE) eclipsing gains for ABF (results), RBS (legal settlement imminent?) LLOY, (Bounce; BoE rate hike?), SHP (bounce) and BLT (Deutsche bank upgrade). Germany’s DAX underperforms due to heavy losses for ProSieben (JPMorgan negative on EU ad market), while Consumer & Utilities (down) and Banks (up) demonstrate sensitivity to ECB policy expectations. The FTSE 100 is trading back close to its recent bounce level at 7300. Support? The DAX 30 is back for another test of December rising support at 12340. Bounce or breach? Dow Jones Futures have dropped to test the floor of a new falling channel 21385-21480. Gold at $1224 is primed to break from a narrowing pattern, towards either $1218 or $1230”.

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Categories: News
Tags: alert

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