The real deal, or another Trumped up threat?

The real deal, or another Trumped up threat?

The real deal, or another Trumped up threat?

The FTSE100 is holding positive territory, but only just, as traders return from a long weekend. Buoying sentiment is more M&A (healthcare, challenger banks) and positive China trade data supporting Miners. However, investors are also alert to the risk of Trump ditching the Iran nuclear deal. GBP remains depressed, flattering the index amid Brexit & Overestimate uncertainty, although the latest leg lower for GBP/USD is more a function of USD strength than GBP weakness. Contributors: FTSE +5pts; out-sized positive contributions from ULVR (share buyback), Shire (takeover bid), LLOY (technical rebound) and AZN (Seroquel licensing, Lynparza approval). These, however, are being offset by a big drag from BP/RDSb (heavyweights, oil off highs), HSBC (Goldman highlights Q1 costs), GSK (better news for AZN & SHP), STAN (still digesting Q1 results), BATS (bond proxies still being shunned) and VOD (range-bound). Technicals: FTSE100 back from a flirt with a breakout above 7600. April uptrend towards 7800 record highs still valid, but the angle of ascent slowed. Channel floor still valid at 7535.”

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Categories: Analysis, News
Tags: Donald Trump

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