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Still looks bullish with 7620 broken | 7685 7716 above | 7585 7550 support

#1 · 11th October 2023, 8:53 am

Technical analysis for FTSE 100 for 11th October 2023

Stock markets surged on a day of action on trading floors triggered by the bloodshed in the Middle East, falling bond yields and reports of Chinese stimulus. The FTSE 100 ended the day 1.8pc higher, while the continent-wide Stoxx Europe 600 closed up 2pc, in its strongest performance since November 2022. Equities gained in the early part of the day amid a fall in US Treasuries, as investors flocked to the safe-haven assets in light of the Gaza conflict.

Treasuries were also sent falling by comments from Fed officials indicating that interest rates have likely peaked. Stocks were buoyed in the afternoon after Bloomberg reported that China is preparing to unleash a new round of measures to support its economy.