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Bulls hanging in there with a rise and dip today | 7605 7595 7570 support | 7701 resistance

#1 · 13th October 2023, 9:03 am

Technical analysis for FTSE 100 for 13th October 2023

The FTSE 100 gained 24.75 points, or 0.32pc, to close at 7,644.78. New data from the Office for National Statistics showed that gross domestic product (GDP) rose by 0.2pc in August, compared to a 0.6pc drop in July. While the ONS data only marks a slight rebound, the data puts the UK one step closer to avoiding a recession this year, which is defined as two consecutive quarters of negative GDP.

The rally in Asian equities halted as Treasury yields surged after US inflation data bolstered bets on Federal Reserve rate hikes. The latest data on continued weakness in China’s economy added to the gloom.