China spoils the FTSE’s party

The FTSE100 is positive, albeit in a very muted fashion. The combination of stronger GBP, helped by UK unemployment falling to 40-year lows, and continuing market jitters over fallout from Turkey's FX issues, are putting a leash on FTSE's advance.

China spoils the FTSE’s party

The FTSE100 is positive, albeit in a very muted fashion. The combination of stronger GBP, helped by UK unemployment falling to 40-year lows, and continuing market jitters over fallout from Turkey’s FX issues, are putting a leash on FTSE’s advance. Defensive non-cyclical stocks are at the forefront of the index today, while Miners are hurt by much weaker than expected macroeconomic data out of China and falling copper prices.

Contributors: FTSE +7pts, supported by GSK/RB/DGE/ULVR/BATS (defensives, heavyweight, risk off). Preventing the index from genuine growth today are ANTO (results, low copper prices), RIO/GLEN/AAL (ANTO read-across, poor China data, low copper prices) and PRU (risk off, negative momentum).

Technicals: The FTSE100 is close to testing 2-week rising support

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Categories: Analysis, News, Shares
Tags: FTSE, FTSE 100

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