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The FTSE is down on the revival of trade fears, albeit off session’s lows. After several days of calm, investors are back worrying about Trump’s latest threat, which would target £200b of Chinese goods with 10% import duty. This latest effort to ‘correct’ the Sino-US trade imbalance would take him half-way to his avowed $500b ‘nuclear option’, targeting all Chinese exports to the US. His aggressive opener at NATO could also tee us up for a volatile rest of the week in Europe. Even defensive aren’t being spared, perhaps because they have been the ones rallying lately.
Contributors: FTSE -90pts, weighed down most notably by BP & RDSB (Brent Crude oil -2%, profit taking), Miners (Copper -2%, trade war fears, stronger USD), HSBC (heavyweight, trade war fears), BATS/PRU/VOD (profit taking) and MCRO (pre-tax loss). Positive contributors, albeit wildly insufficient, include RB (defensive, weaker GBP), NXT (broker upgrade, bounce momentum) and BDEV (trading statement, expects FY results to beat consensus).
Technicals: The FTSE100 has rebounded from 7580 to confirm shallow 6-day rising support.
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The FTSE100 has rebounded from 7580 to confirm shallow 6-day rising support.
Watch levels: Bullish 7615, Bearish 7575
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Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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