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FTSE 100 futures are currently trading at 7,248.3-lower by 1.56% as compared to the previous closing price. The contract closed in the negative territory in the last trading session also.
In the Cash Markets, the FTSE 100 lost 1.21% to 7,269.70 at the time of writing.
The FTSE 100 dropped today as a violent protest in Hong Kong knocked on Asia-exposed financial shares. Disappointing GDP data and Moody’s warning on Britain’s sovereign debt also weighed on the market.
Index components Prudential, HSBC and China-exposed miners dropped after news that at least two protesters were said to be injured when Hong Kong Police opened fire at mass demonstrations earlier today.
Miners Antofagasta and Anglo American plunged 3.77% and 2.95% respectively at the time of writing.
Also, data showing Chinese PPI dropped the most in more than three years in October further dampened sentiment today.
AstraZeneca (down 1.36%) rose earlier in the session following positive safety data on its anemia drug roxadustat.
Bunzl, GlaxoSmithKline and Sainsbury have fixed their ex-dividend date i.e. 14 Nov 2019 after which investors will be no longer qualify the latest dividend pay-out.
BHP Group fell 2.94% after the miner touted bullish plans to expand in gas and oil, defying investors who want the company to cast off the business.
On the economic front, the preliminary reading of the U.K. GDP for the third quarter was released on Monday. The QoQ rate of change in the GDP was +0.3%. The GDP growth was below the market expectation of 0.4%.
Average Earning Index for September and Claimant count change data for October is scheduled to be released tomorrow and can provide important directional clues to the market.
On the technical front, the RSI is currently at 47.79% 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 7256. Take Profit at 7230. Stop Loss at 7269