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FTSE 100 futures are currently trading at 7195-lower by 0.12% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.
In the cash markets, the blue-chip share index edged up 0.04% to 7,216.87 at the time of writing. The broad-market index rose as comments from the Federal Reserve seen hinting at an interest rate cut soothed trader’s nerves.
The midcap index FTSE 250 was up 0.47% at the time of writing.
Federal Reserve Chairman Jerome Powell said on Tuesday the central bank would react “as appropriate” to the fallout from festering Sino-U.S. trade war.
Blue-chip housebuilders which are seen as particularly vulnerable to any fallout from Brexit rose today. Barratt Developments surged 3.68%, Persimmon added 1.74% and Taylor Wimpey advanced 2.47%.
Stocks of exporters were trading slightly higher today. Unilever added 0.84%, while British American Tobacco edged up 0.12% at the time of writing.
On the other hand, index-member Hargreaves Lansdown plunged 5.64% amid concerns over its hefty stake in the Woodford Equity Income fund. The fund was suspended on Monday following a run of poor performance and investor withdrawals.
Oil major BP edged down 0.11% as crude prices fell today due to an unexpected rise in U.S. crude inventories.
Mining stocks also fell today. Antofagasta and Anglo American lost 1.07% and 0.83% respectively at the time of writing.
Asia-focused HSBC stocks declined 0.59% at the time of writing.
On the data front, U.K. Services PMI for May released earlier today came in at 51.0. The PMI reading was above the market expectation of 50.6 and strongest in three months.
On the technical front, the RSI is currently at 45.45% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
Overall Bias is negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Sell at 7203. Take Profit at 7173. Stop Loss at 7218