UK PM braces for local elec-shun

UK PM braces for local elec-shun

UK PM braces for local elec-shun

Mike van Dulken, Head of Research at Accendo Markets commented to clients around midday:

The FTSE100 is just offside for the day at 7535, almost flat when adjusted for 5pts of ex-dividends. GBP off recent lows (helped by a less hawkish Fed statement pulling USD from highs) remains a hindrance. This in spite of a softer than expected rebound for UK PMI Services and political uncertainty (Brexit, local elections) still in plentiful supply. Contributors: FTSE -10pts, dragged lower by ex-dividends (ULVR, MNDI, LSE, KGF, GFS), SN (profits warning), BT (BARC downgrade, long-term downtrend), VOD (BT read-across) and STAN (still digesting yesterday’s results). Offering buoyancy today is RDSb (oil price perked up, possible share price breakout), Miners (weaker USD helping metals) and LLOY (bounce off 5-month support). Technicals: FTSE100 well off overnight flirt with 7500, and broken out from yesterday’s brief corrective falling channel. However, it’s also back from a failed attempt to get back above 7550. Longer-term 6/7 week uptrend intact, support at 7480.”

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