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FTSE 100 futures are currently trading at 7525.8-lower by 0.71% 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 dropped 0.68% to 7,594.88 at the time of writing. The broad-market index fell today led by losses in housebuilder Taylor Wimpey, wealth manager St. James’s Place and mortgage lender Lloyds.
Stocks of exporters also weighed on the index as Sterling inched higher today after four days of steep losses.
The midcap index FTSE 250 was down 0.12% at the time of writing.
Index-member St. James’s Place plunged 6.22% after missing consensus estimates for operating profit, as weaker client sentiment weighed on inflows of new money in the first half of this year. The wealth manager’s stocks were also on track for their worst day since June 2016.
Mortgage Lender Lloyds Banking Group fell 4.67% after a further charge to meet claims for mis-sold insurance to consumers weighed on the company’s earnings. Stocks of Lloyds were on course for its worst day in more than three years.
Homebuilders slipped today after Taylor Wimpey (down 5.55%) forecast a drop in annual margins. Persimmon dropped 0.88% while Barratt Developments edged up 0.12% at the time of writing.
Stocks of Miners were trading mixed on Wednesday. Antofagasta rose 2.3% while Antofagasta and BHP lost 1.91% and 0.37% respectively at the time of writing.
On the other hand, retailer Next surged 8.55% after raising full-year sales and profit targets. Rival Marks & Spencer also added 0.57% at the time of writing.
Oil major BP rose 1.36% as crude prices advanced for the fifth day.
The broad-market index is on track for its second straight month of gains, supported by hopes of more stimulus from central banks globally and weakness in the British Pound amid Brexit concerns.
On the economic front, the Bank of England’s interest rate decision is scheduled to be released on Thursday. No change in policy is expected and Interest rates are expected to hold at 0.75%.
On the technical front, the RSI is currently at 61.33% 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 7530. Take Profit at 7498. Stop Loss at 7546