FTSE’s standing pat

The FTSE100 is in an indecisive mood today, basically flat since the start of the trading session. Stronger USD, boosted by the fresh round of US trade tariffs on Chinese goods, is helping the index's international companies offset minor losses from several significant FTSE components

FTSE’s standing pat

The FTSE100 is in an indecisive mood today, basically flat since the start of the trading session. Stronger USD, boosted by the fresh round of US trade tariffs on Chinese goods, is helping the index’s international companies offset minor losses from several significant FTSE components going ex-dividend (Royal Bank of Scotland paying first dividend since 2008 bailout). Pound weakness due to increasing likelihood of a disorderly Brexit opens the door for the index to edge into positive territory later in the day, but for now FTSE is flying in a holding pattern.

Contributors: FTSE is flat, supported by oil majors (momentum after yesterday’s oil rally) and defensive names like ABF/DGE/SHP/ULVR (weak GBP). On the other side of the coin are HSBA (Asia exposure, trade war fears, heavyweight), BATS (negative momentum), Miners (trade war fears), LLOY (profit taking), AZN (mixed drug trial results) and the likes of RBS/PRU/IMB (ex-div). Technicals: The FTSE100 is flat after testing 7600 falling highs resistance earlier in the morning

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Tags: FTSE 100

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