ECB tone to dictate sentiment

ECB tone to dictate sentiment

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

“Equities trade mixed, off their best levels and still under pressure from falling highs resistance. This could yet see us re-test recent lows, even breach them, increasingly the likelihood of a second leg lower within a corrective phase that began late Jan. Panic may have eased about a trade war, the White House suggesting tariff exceptions for allies, however any bullish breath is being held until we’ve heard what the European Central Bank’s Draghi has to say on the outlook for growth and policy in his press conference at 1.30pm. A flat FTSE 100 sees positive contributions from ULVR/VOD/GSK/AZN/DGE/NG (fresh interest in recently shunned bond proxies, the lack of explicit risk appetite) offset by several big names trading ex-dividend (BLT, STAN, CRH, PSN, EVR, SHP), AAL/GLEN/RIO (China trade data, metal tariff concerns), RDSb (USD off lows, oil pullback) and Aviva (results, profit taking). The FTSE 100 remains under the cloud of falling highs resistance at 7175. The DAX 30 has bounced back to 12200. Dow Jones Futures are showing appetite for a meaningful break above 24800. Gold is pulling back towards $1320 again.”

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Accendo Markets

Accendo Markets is an online trading services provider, offering CFDs, spread betting and forex to retail (private) clients. Accendo Markets was established in 2007 and has since gone on to win various awards including ‘2018 Winner of Best CFD provider’ at City of London Wealth Management awards and 2017 & 2018 Best CFD Research Service in ADVFN’s International Financial Awards Accendo Markets Ltd. is authorised and regulated by the Financial Conduct Authority (FCA). For more information, visit