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FTSE 100 RISES ON STIMULUS HOPES AND PMI - Capital Street FX

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    • FTSE 100 RISES ON STIMULUS HOPES AND PMI
03-Mar
18:50 IST

FTSE 100 futures are currently trading at 6775.1-higher by 0.69% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the FTSE 100 added 1.99% to 6,787.43 at the time of writing. The broad-market index rose for a second consecutive day on Tuesday.

The FTSE 100 advanced today as investors bet on a clear sign from G7 central bankers on further monetary stimulus to shore up the global economy from the fallout of the China-linked virus epidemic.

Global shares advanced today on expectations that the Group of Seven central bankers would indicate it was ready to act if needed.

All except three shares on the benchmark index were trading in positive territory on Tuesday.

Airlines and miners advanced between 2.2% and 2.8% at the time of writing. Miners Antofagasta and Anglo American gained 0.77% and 3.53% respectively at the time of writing.

Central banks of Britain, France, Japan and the US have hinted willingness to pump more cash into the system.

The UK PM is set to announce later today an action plan as the number of coronavirus infections in the country jumped to 39 and factories reported a big rise in delays in their supply chains.

Oil majors Royal Dutch Shell and BP rose 2.54% and 1.58% tracking crude prices.

The FTSE 250 midcap index added 2.62% at the time of writing.

Homebuilders were trading in positive territory on Tuesday. Taylor Wimpey and Barratt Developments surged 4.47% and 2.96% respectively at the time of writing.

On the economic front, Construction PMI for February released earlier today came in at 52.6. The PMI reading was above the consensus estimates of 48.8.

On the technical front, the RSI is currently at 31.29% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 9% and suggests that the market can move in the upward direction.

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

 

Trade Suggestion- Limit Buy at 6765. Take Profit at 6845. Stop Loss at 6725

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