Slow and steady into the long weekend

The FTSE100 is offering muted positivity into the weekend, as the effect of the weak USD is helping metals and energy prices rebound from recent lows and hence helping FTSE's considerable resource sector (20% of the index).

Slow and steady into the long weekend

The FTSE100 is offering muted positivity into the weekend, as the effect of the weak USD is helping metals and energy prices rebound from recent lows and hence helping FTSE’s considerable resource sector (20% of the index). Disappointing UK mortgage approvals data is depressing most of the Housebuilders (July approvals below 40K and June’s approvals revised lower), not not enough to nudge the index into negative territory, with FTSE 100 Housebuilders together contributing less than -1.3 to the index today due to their relatively low weighting.

Contributors: FTSE is +9pts, boosted by SHP (drug approval), GLEN/RIO/AAL/BLT/ANTO (weak USD, metals prices higher) and RDSB/BP (weak USD, oil prices higher). Containing the advances are BATS/IMB (heavyweight, negative momentum, strong GBP) and HSBA (Asia exposure, trade war fears).

Technicals: The FTSE100 is maintaining the indecisive sideways movement in a 5-day narrowing pattern.

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Categories: Analysis, News
Tags: FTSE 100

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