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FTSE 100 futures are currently trading at 6789-lower by 0.45% as compared to the previous closing. The contract has been closing in the negative territory since the last three trading sessions.
In the cash markets, FTSE 100 inched down 0.38% at the time of writing. The broad-market index was dragged down by multinational exporter shares like Unilever and Diageo, which make the lion’s share of their earnings in foreign currencies and are bruised by sterling rising.
British stocks lagged Europe today after Prime Minister May’s defeat in a parliamentary vote on her Brexit deal, but in the face of unrelenting political uncertainty, investors shifted their focus to results and M&A news. British opposition Labour Party leader Jeremy Corbyn called a vote of no confidence in May’s government, to be held at 1900 GMT today.
The Brexit vote defeat pushed UK domestic stocks up as investors grew more optimistic about the prospects for sectors seen as highly vulnerable to a no-deal Brexit.
UK housebuilders Persimmon, Taylor Wimpey, Barratt Developments, and Berkeley Group were among the top index gainers, up 2.3 to 4.3 percent. All stocks hit their two-month high on Wednesday.
On the other hand, Pearson shares dived 5.9%, after the British education publisher said it expects one-off restructuring costs to rise to around 330 million pounds, ahead of its original 300 million pound plan. Index-member Bunzl fell 2.2% after Exane BNP downgraded the supplies distributor.
Reckitt Benckiser fell 3% after it announced its chairman was retiring after more than 30 years at the firm. He is considered an architect of the company’s push to become a global consumer health products company.
The midcap index FTSE 250 was up 0.21% at the time of writing.
On the economic front, U.K. CPI (YoY) for December released earlier today came in at 2.1%. The index change was in line with market expectations.
On the technical front, the RSI is currently at 51.10% 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 6800. Take Profit at 6765. Stop Loss at 6820