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FTSE 100 FALLS BELOW MA5 ON CHINA VIRUS FEARS - Capital Street FX

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    • FTSE 100 FALLS BELOW MA5 ON CHINA VIRUS FEARS
21-Jan
18:41 IST

FTSE 100 futures are currently trading at 7526.3-lower by 0.85% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the FTSE 100 lost 0.81% to 7,589.51 at the time of writing. The benchmark index today was on track for its worst day in seven weeks as global markets were spooked by the spread of a new coronavirus in China, while investors anticipated jobs data that could dictate the U.K central bank’s policy.

Beijing today reported the fourth death from a new coronavirus, just ahead of the Chinese Lunar New Year holiday.

Stocks of luxury and travel companies led losses in the index. InterContinental Hotels and British Airways owner IAG dropped 2.72% and 3.99% respectively at the time of writing.

The FTSE 250 midcap index lost 0.69% at the time of writing.

Bets of lower rates and subdued broader sentiment led a sub-index of financial shares to its lowest level since mid-December.

Stocks of Asia-exposed Burberry fell 2.90% as luxury shares were hit by demand concerns due to the Chinese virus outbreak.

Homebuilders were trading mixed today. Taylor Wimpey gained 0.23% while Barratt Developments fell 0.64% at the time of writing.

On the other hand, stocks of easyJet rose 4.45% after it forecast improvement in its first-half winter performance.

On the data front, Claimant Count Change for the December month released earlier today came in at 14.9K. The index reading was better than the consensus estimates of 22.6K.

In addition, the Unemployment rate for November also released earlier today came in at 3.8%. The unemployment rate was in line with market expectations.

On the technical front, the RSI is currently at 52.91% and suggests that the market can move in the downward direction. The current price is below 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 7531. Take Profit at 7496. Stop Loss at 7549

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