Merkel & co agree to talk…. about talks

Merkel & co agree to talk…. about talks

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

“Equities are mixed again at the half way point, Wall St futures pointing to extension of its record rally into a long US weekend, while the FTSE nudges fresh highs but slowed up by Jan rising resistance. Germany’s DAX underperforms on EUR strength, derived from hawkish ECB minutes yesterday and ‘progress’ with German coalition talks this morning. The UK FTSE is being driven north by GKN (takeover offer), GSK (extending bounce), BLT (China data, extends Dec rally), BT and SMIN (US tax benefit, breakout) fighting against a drag from BATS/ULVR (stronger GBP) and HSBC/BARC (more appetite for LLOY and RBS after bullish breakouts). Germany’s DAX is held back by losses for CBK/DBK (consolidation talk?), HEI/BEI (stronger EUR), overpowering gains for Pro, Adidas (Kering sells Puma stake), Autos (BMW Dec. sales rise/VW China exports) and ThyssenKrupp. The FTSE 100 has been slowed up by rising highs resistance at 7785. The DAX 30 is struggling with falling highs resistance at 13240. Dow Jones Futures are showing appetite to break above 25700. Gold is close to testing late Sept ember highs of $1335.”

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