China targets bears, again

China targets bears, again

Mike van Dulken & Henry Croft at Accendo Markets commented to clients this afternoon:

“Equity markets are positive into the new week. The UK’s FTSE is testing last week’s highs as Miners and Oil welcome better than expected China growth data and persistent USD weakness following last week’s stateside data disappointments. International exposure benefits from GBP off its highs as Brexit negotiations recommence. Germany’s DAX underperforms as EUR strength (vs USD and GBP) hindering exporters from bigger gains to keep the index around breakeven. The FTSE 100 is being led by AZN (rebound from CEO departure fears), HSBC (resistance turned support), Oil majors (oil prices holding rebound) and defensive internationals (weaker GBP). Dragging on the index are SHP (ignoring CEO claims of undervalued pipeline ), LLOY and IMB. The DAX sees mild gains for ThyssenKrupp (broker upgrade), Lufthansa and Continental overpowering losses for Deutsche Boerse (broker downgrade). The FTSE 100 is making a bullish test of last week’s 7430 highs. The DAX 30 is doing its best to hold above 12600, continuing to consolidate. Dow Jones Futures have paused after Friday’s fresh record high. Gold has broken above $1230, extending Friday’s breakout.”

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