There’s no charge for this. It allows you to sample our service.
This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
The FTSE100 has extended this week’s reversal, down another 60pts after breaching 7720 support. The architect is additional USD strength, hurting the key commodities space ($ denominated metals and oil prices lower). This derives from EUR weakness (and persistent GBP weakness) after the ECB sparked concerns of banking sector contagion, highlighting continental bank exposure to Turkish counterparts which may find borrowers struggling to repay/refinance debt in the face of a falling Lira (TRY) currency (US-led sanctions compounding economic concerns). GBP weakness (Brexit uncertainty + USD strength) not helping the index one iota.
Contributors: FTSE -60pts, suffering under big negative contributions from BP/RDSB (lower oil prices), GLEN/RIO/BHP/AAL (lower metals prices), HSBC (heavyweight, risk-off), GSK (profit-taking), EVR (lower metals prices, new Russia sanctions), RR (broker downgrade) and VOD (more profit taking). Offering paltry buoyancy are CCL (breakout, lower oil prices), NG (defensive, momentum) and TUI (rebound from sharp drop).
Technicals: The FTSE100 has broken below 7720 to revisit 7680 levels last traded Tuesday.
Click below to expand sections for more detailed analysis
The FTSE100 has broken below 7720 to revisit 7680 levels last traded Tuesday.
Watch levels: Bullish 7795, Bearish 7680
Solid Green line
Solid Red line
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research