FTSE100 Focus: FTSE caught in Continental Crossfire

The FTSE100 is sharply down, albeit off of session lows, as the markets are battered by the continuing fallout from Italian cabinet crisis, souring market sentiment.

FTSE100 Focus: FTSE caught in Continental Crossfire

The FTSE100 is sharply down, albeit off of session lows, as the markets are battered by the continuing fallout from Italian cabinet crisis, souring market sentiment. Oil has pulled back some of its Monday losses, but it is still trading 3-week lows, pushing down on FTSE Energy stocks, while a stronger USD is hurting Miners. Potential progress in NK-US summit talks is not soothing frayed market nerves, as investors are fleeing to safe haven of US Treasuries.

Contributors: FTSE -105ptspushed down by HSBA (heavyweight, profit taking), BATS (weak GBP), RDSB/BP (oil low), PRU (downtrend), GLEN/BLT (strong USD, profit taking), RBS (government stake sell-off), BARC/LLOY (downtrend). Providing some minimal support to the index are FRES/RRS (investors rally into gold amid market fears), Smiths (M&A) and Smurfit Kappa (M&A)

Technicals: The FTSE100 is in a week-long falling channel, trading close to 3-week lows.

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Categories: Analysis, News
Tags: FTSE 100

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