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Fitch downgrades US from AAA to AA+ | 7610 7580 7540 support | 7651 7666 7697 resistance

#1 · 2nd August 2023, 9:45 am

FTSE 100 technical analysis for 2nd August 2023

Fitch downgrades US from AAA to AA+

Britain is heading for an industrial recession as interest rate rises hammer factories, bosses have warned. Higher borrowing costs are sending the manufacturing sector into a tailspin, crushing output and employment in an already-struggling sector according to the purchasing managers’ index (PMI). The influential survey from S&P Global shows manufacturing activity dropped last month at the steepest pace so far this year.

Asia stocks fell as Fitch Ratings’ downgrade of the US sovereign rating soured risk sentiment following a strong recent run, while further support measures from China failed to reverse the mood.