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FTSE 100 futures are currently trading at 7358-lower by 0.27% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.
In the cash markets, the blue-chip share index inched down 0.41% to 7,368.20 at the time of writing. The FTSE 100 declined on Wednesday after rising for seven straight sessions. The broad-market index slipped today as the latest signs of friction between the U.S. and China on trade kept investors on edge about the risks to global growth.
The midcap index FTSE 250 was down 0.54% at the time of writing.
U.S. President Donald Trump said on Tuesday that he was not interested in a deal with China unless it agreed to some “major points” in negotiations. On the other hand, China said that it was “not afraid of fighting a trade war”.
The news dragged down stocks of exporters in the index. British American Tobacco plunged 4.35% despite forecasting sales of vaping and e-cigarette products would accelerate in the second half of the year.
Financial shares were the top losers on London’s main stock market index. Asia-focused HSBC stocks declined 1.10% at the time of writing.
Blue-chip housebuilders, which are seen as particularly vulnerable to any fallout from Brexit, trading lower on Wednesday. Barratt Developments edged down 0.04%, Persimmon dropped 0.68% and Taylor Wimpey lost 0.51%.
Oil major BP dropped 2.73% as crude prices fell today due to an unexpected rise in U.S. crude oil inventories.
Mining stocks were trading mixed on Wednesday. Antofagasta inched down 0.23%, while Anglo American advanced 0.19% at the time of writing.
Stocks of Reckitt Benckiser gained 3.85% after falling earlier in the session. Consumer goods firm stocks dropped after naming PepsiCo executive Laxman Narasimhan to succeed outgoing CEO Rakesh Kapoor.
The pound gained today after U.K.’s main opposition party said it would try to introduce parliamentary legislation to prevent a no-deal Brexit.
On the data front, U.K. RICS House Price Balance for May is scheduled to be released early on Thursday. House Price Balance is expected to fall by 21%.
On the technical front, the RSI is currently at 57.91% and suggests that the market can move in the downward direction. The current price is above 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 7365. Take Profit at 7335. Stop Loss at 7380