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FTSE falls to flirt with four-week floor

Published: 12:08 02 Aug 2018 BST

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Mike van Dulken, Head of Research at Accendo Markets commented to clients this morning:

The FTSE100 is down 100pts (-1.2%), below 3-week lows, as trade war concerns dent general risk appetite with Trump threatening to increase tariffs on $200bn of China goods from 10% to 25%. Along with a stronger USD after last night's Fed update ("steady as she goes"), metals and Miners are thus hurting. Even reciprocal GBP weakness vs USD (traditionally a benefit to the FTSE) is failing to help many of the big names ahead of a likely Bank of England rate hike. Contributors: FTSE -85pts, driven lower by HSBA (heavyweight, Asia exposure, risk-off), Energy (oil prices lower), Miners (trade war fears, stronger USD), PRU/RBS/STAN/LGEN (risk-off), GSK/AZN/VOD/ULVR (profit-taking), BARC (results, risk-off). Offering meagre support are just RR and LSE  after their latest results. Technicals: The FTSE100 has fallen below 3-week 7562 support to trade close to July 7540 lows.”

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