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7685 looking likely today with 7705 above | 7640 7630 7609 support | US CPI

#1 · 12th October 2023, 10:05 am

Technical analysis for FTSE 100 for 12th October 2023

The FTSE 100 ended the day marginally lower, down 0.11pc, dragged lower by Burberry after rival LVMH raised concerns over the luxury market. Shares in Burberry fell more than 3pc. The FTSE 250 closed down 0.51pc at 17,876.24

Vladimir Putin said that the cuts to oil supplies imposed by Saudi Arabia and Russia will “most likely” be extended as the Opec+ cartel tries to prop up prices. The Russian president said the world’s two largest oil producers and their allies will probably “continue our cooperation”. Asked if the agreement to cut supply would be extended, he told the Russian Energy Week conference in Moscow: “Most likely. We need to consult with colleagues - our decisions are made by consensus.

Asian shares rose on Thursday as markets wagered that U.S. rates have peaked after more dovish remarks from Federal Reserve officials, while traders awaited the U.S. consumer inflation report later in the day for further monetary policy clues.