Trump fought the law and the law won

The FTSE100 is refreshingly bullish, building on the positive example set by Wall St, with considerable support from FTSE's heavyweight Energy sector after last night's unexpectedly large build in API Oil Inventories.

Trump fought the law and the law won

The FTSE100 is refreshingly bullish, building on the positive example set by Wall St, with considerable support from FTSE’s heavyweight Energy sector after last night’s unexpectedly large build in API Oil Inventories. Lower GBP, weakened by disappointment over lack of Brexit progress, is helping many international stocks, but note that defensive shares are at the forefront of today’s positive run, hinting at a still tentative market attitude. News of Donald Trump’s potential troubles with the law over the Michael Cohen affair is so far having a rather limited impact on London shares.

Contributors: FTSE +35pts, helped by RDSB/BP (oil prices higher on inventory build), ULVR/VOD/RB/GSK (defensives, weaker GBP), BLT (bounce from support) and RIO (broker upgrade). Offering some limited negativity is ABF (momentum).

Technicals: The FTSE100 is testing a breakout from a 3-week falling channel, closing on Monday’s highs resistance

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Categories: Analysis, News
Tags: FTSE 100

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