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The UK 100 is technically negative, though the trading is essentially flat on the day, with London’s benchmark index trading sideways, inundated by conflicting corporate and geopolitical messages. USD weakness, induced by Donald Trump’s dovish comments criticising the Fed’s monetary policy, is helping some Miners, but the benefit is truly minor today on the back of disappointing BHP Billiton full-year results, as well as stronger Sterling hurting globally-exposed heavyweights.
Contributors: UK Index -10pts, hampered by HSBA/BP (heavyweight, strong GBP), BLT (results missing expectations), RIO (BLT read-across Down Under), SHP (preference for AZN) and CPG (strong GBP, profit taking). Trying to maintain some positivity, though adding less than a point to UK 100 , are RBS (bounce) and AAL (weak USD).
Technicals: The UK 100 is trading sideways for the second day in a row, though still holding within a 3-week falling channel.
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The UK 100 is trading sideways for the second day in a row, though still holding within a 3-week falling channel.
Watch levels: Bullish 7620, Bearish 7535
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Prepared by Michael van Dulken, Head of Research