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Equities are positive into the week-end, despite fresh incertitude about the passage of US tax reform. The UK Index is higher thanks to GBP weakness as we take a step closer to Brexit, EU leaders giving the nod to move on to stage two of negotiations. Germany’s DAX is lower on account of EUR strength derived from USD weakness after Republican Senator Rubio said he would vote against the tax plan, potentially jeopardising it. US Futures outperform, pointing to a positive open this afternoon, rebounding from last night’s negative close.
The UK UK Index is higher thanks to gains for GLEN/RIO/BLT (weaker USD, higher commodity prices, weaker GBP), GSK/BATS (defensives), BT/Sky (cross selling deal) bettering the drag from SHP and the Banks (continued profit taking).
Germany’s DAX has 80% of members offside, most notably ProSieben, RWE, Fresenius Medical, VW (Nov sales), Commerzbank/Deutsche Bank, ThyssenKrupp and SAP (lower tax forecast). The lone gainers are E.ON (broker upgrade), Adidas, HeidelbergCement (disposal), Munich Re/Allianz and Vonovia.
The UK Index 100 is holding its bounce off 7435. The DAX 30 may have bottomed out at 13000. Dow Jones Futures have bounced off 24500 to resume their uptrend. Gold is making a bullish test of $1259.
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The UK Index 100 is holding its bounce off 7435.
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Possible support
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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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The DAX 30 may have bottomed out at 13000.
Watch levels: Bullish 13,060; Bearish 13,000
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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Dow Jones Futures have bounced off 24500 to resume their uptrend
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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Gold is making a bullish test of $1259 amid further USD weakness, extending its rebound. Bullish ascending triangle? Breakout?
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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