8 Dec 2014
FTSE weakens in early trade
FXStreet (Mumbai) - The London’s Ftse index retreated in the early trading sessions due to the losses in the mining stocks after Chinese trade balance data showed a sharp decline in the imports.
The Ftse traded 0.38% lower at 6716.90 levels at the time of writing, compared to the previous session’s close of 6742.84 levels. The index breadth is negative with an advance-decline ratio of 17:83. The Ftse mining index retreated 1.03% as the slowdown in the Chinese imports is likely to weaken commodity prices. The Industrial Metals index is also down by 0.91%, while the energy stocks have declined 0.40%.
Among the index stocks, shares in Hargreaves Lansdown are down by 1.34%, while those in Weir group have weakened 1.47%. Anglo American, Mondi, and Marks&Spencer are also in the losing side. Meanwhile, the gainers include Sainsbury, Randgold, Tullow Oil, Sage Group and Intertek.
Most of the European markets have weakened as the sentiment remains weak due to the sharp collapse in the Chinese imports. The UK 10-yr Gilt yield advanced 1.1 basis points to 2.030%, while the GBP/USD Pair trades 0.25% lower at 1.5548 levels.
Ftse Technical Levels
The index has an immediate resistance at 6753, above which gains could be extended to 6773 levels. Meanwhile, support is seen at 6709 and 6672 levels.
The Ftse traded 0.38% lower at 6716.90 levels at the time of writing, compared to the previous session’s close of 6742.84 levels. The index breadth is negative with an advance-decline ratio of 17:83. The Ftse mining index retreated 1.03% as the slowdown in the Chinese imports is likely to weaken commodity prices. The Industrial Metals index is also down by 0.91%, while the energy stocks have declined 0.40%.
Among the index stocks, shares in Hargreaves Lansdown are down by 1.34%, while those in Weir group have weakened 1.47%. Anglo American, Mondi, and Marks&Spencer are also in the losing side. Meanwhile, the gainers include Sainsbury, Randgold, Tullow Oil, Sage Group and Intertek.
Most of the European markets have weakened as the sentiment remains weak due to the sharp collapse in the Chinese imports. The UK 10-yr Gilt yield advanced 1.1 basis points to 2.030%, while the GBP/USD Pair trades 0.25% lower at 1.5548 levels.
Ftse Technical Levels
The index has an immediate resistance at 6753, above which gains could be extended to 6773 levels. Meanwhile, support is seen at 6709 and 6672 levels.