England v Belgium, May v Europe

The FTSE has re-gained lost ground to trade positive.

England v Belgium, May v Europe

While continued gains for oil post-OPEC are helping Energy, it is not the main driver as it has been of late. More help is at hand from bargain hunting in the Banks following recent declines, as well as defensives welcoming fresh GBP weakness derived from EUR strength. Sterling is perhaps pricing in another difficult meeting for PM May with EU counterparts, where she will be pushed for progress on Brexit negotiations. Contributors: FTSE +5pts with positive contributions from SHP (defeat of Takeda shareholders against takeove), DGE/IMB (weak GBP), BATS (weak GBP; ignoring 1.3% ex-div) and Banks (bounce back after trade war inspired declines), just about overpowering the negative drag from PRU (still in risk-off mode), GLEN (metals still weak), ABF (H&M read-across to Primark), AZN (heavyweight, small declines) and CRH (stronger EUR; US exposure). Technicals: The FTSE100 is in an uptrend from June’s 2-month lows, but has found resistance by way of falling highs since 24 June.”

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