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FTSE 100 FALLS ON WEAK EARNINGS AND CORONAVIRUS FEARS - Capital Street FX

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    • FTSE 100 FALLS ON WEAK EARNINGS AND CORONAVIRUS FEARS
30-Jan
18:50 IST

FTSE 100 futures are currently trading at 7,305.8-lower by 1.40% as compared to the previous closing. The contract closed almost flat in the last trading session.

In the Cash Markets, the FTSE 100 lost 1.44% to 7,375.76 at the time of writing.

The broad-market index fell today as the rising death toll from the coronavirus outbreak led market players away from risky assets, while stocks of some companies tumbled on weak earnings.

The WHO today can reassess its stance on the coronavirus outbreak.

London’s main index fell more than 3% since last week when news of the virus flare-up first emerged.

Weaker oil prices weighed on stocks of index component BP which dropped 1.88% at the time of writing.

Stocks of BT Group plunged 6.5% after posting a bigger-than-expected fall in quarterly revenue. The telecom firm also said Britain’s decision to limit China’s tech giant Huawei’s role in building 5G and fibre networks would increase costs.

Homebuilders were trading mixed today. Taylor Wimpey gained 0.21% while Barratt Developments lost 0.50% at the time of writing.

On the other hand, consumer goods giant Unilever, which rose 1.64% after the company launched a strategic view of its tea business.

The FTSE 250 midcap index lost 0.79% at the time of writing.

The Bank of England kept its key interest rate unchanged at 0.75% on Thursday. The decision was in line with market expectations.

On the technical front, the RSI is currently at 36.45% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 20% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Sell at 7307. Take Profit at 7272. Stop Loss at 7325

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