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FTSE 100 futures are currently trading at 6059.7-lower by 1.80% as compared to the previous closing. The contract closed in the positive territory in the last trading session.
In the cash markets, the FTSE 100 lost 2.29% at the time of writing. The index today dropped for the first time this week.
The FTSE 100 declined today as concerns about the US response to China’s tightening its control over Hong Kong overshadowed optimism about a pickup in business activity.
Travel, industrial and personal goods were the worst performers on the index today.
The midcap FTSE 250 was down 1.51% at the time of writing. The domestically focused index was also set to snap a nine-day rising streak.
Stocks of banks track a fall in gilt yields as traders seek the safety of safe havens ahead of the US President’s news conference on Beijing’s move to impose a national security law on the Asian finance hub.
London’s main index has recovered around 26% from an eight-year low touched in March due to historic global fiscal and monetary stimulus. The index is also set to post its biggest two-month gains in a decade.
The FTSE 100 however underperformed its European peers as business confidence remains low and car production threatens to fall in 2020 to its lowest in decades.
Rolls-Royce plunged 12.83% as S&P lowered its credit rating to junk on the disruption to global air travel from the pandemic.
Housebuilders were trading lower on Friday. Taylor Wimpey and Barratt Developments lost 7.21% and 6.58% respectively at the time of writing.
Other top losers in the FTSE 100 include Carnival (down 10.68%), Melrose Industries (down 8.50%), and Easyjet (down 8.11%) at the time of writing.
On the other hand, top gainers in the index include Ocado (up 4.23%), British Land Co (up 2.54%), and Auto Trad (up 2.16%) at the time of writing.
On the technical front, the RSI is currently at 55.29% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger Bands but 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 6068. Take Profit at 6000. Stop Loss at 6098