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New month money with 7500 7535 resistance | 7440 7400 support | NFP news

#1 · 1st September 2023, 8:30 am

Technical analysis for FTSE 100 for 1st September 2023

The FTSE 100 missed out on a seven-day winning streak after sinking into the red. It was on track to record its seventh consecutive daily rise, which would have been its longest winning streak since April.

Companies on the internationally-focused index were initially boosted as traders cut their expectations for interest rate rises across the world. However, the FTSE 100 tumbled during afternoon trading to close down 0.46pc at 7,439.13. Weak data from China and mining stocks trading ex-dividend weighed down on the top index, while hawkish remarks from Bank of England’s chief economist Huw Pill dampened confidence.

Stocks in Asia rose and metals rallied as China ramped up stimulus to aid its ailing economy, while traders awaited Friday’s jobs reading to gauge the Federal Reserve’s policy outlook.