Super Thursday to be super dovish?

Super Thursday to be super dovish?

Super Thursday to be super dovish?

The FTSE100 has given up all of yesterday’s late surge, and more, GBP bouncing off overnight lows to dent the index’s international contingent and some chunky ex-dividend adjustments weighing. High oil prices continue to support Energy names and GBP strength (this morning’s UK macro data wasn’t as bad as it could have been) is in spite of what could prove a rather dovish BoE in light of recent poor UK macro updates. Note that without ex-dividends, the index would, in fact, still be positive.

Contributors: FTSE -15pts; dragged lower by ex-dividends (RDSA&B, BP, GSK, CNA, ADM, SGE) depriving the index of almost 23pts today, BT (FY results, restructuring, pension deficit), BATS (Stronger GBP) and RRS (poor Q1 results). Positive impetus today comes from RBS (DoJ settlement), NXT (Q1 results, ups guidance), ABF (NXT read-across for Primark), GLEN (weaker USD helping commodities), WPP (BP contract) and CCH (Q1 volume rise offsets FX drag).

Technicals: FTSE100 back from a test of the 7710 ceiling of a 3-week rising channel. Intersecting support at 7625?”

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Categories: Analysis, News
Tags: FTSE 100

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