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Generally looks bullish but war backdrop not helping | 7663 7616 support | 7710 7748 resistance

#1 · 18th October 2023, 9:07 am

Technical analysis for FTSE 100 for 18th October 2023

The FTSE 100 closed 0.58pc higher at 7,675.21, while the FTSE 250 midcap index closed 0.97pc higher at 17,689.46.

Asian stocks declined as better-than-expected China data failed to dispel concerns over the country’s economic outlook, while intensifying Middle East tensions kept sentiment in check. Hong Kong’s equity indexes erased a brief rally spurred by a slew of economic data beats, pointing to still-fragile sentiment. China’s economic growth and retail sales suggested the economy is finding a foothold, while the property market remained a drag. Onshore Chinese benchmarks and US futures remained in the red. Stocks in Australia and South Korea fluctuated.

Asian shares steadied on Wednesday as Chinese economic data suggested Beijing's stimulus measures might finally be gaining traction, only to be overshadowed by fears of a widening conflict in the Middle East that lifted oil prices.