6th July 2018
Not a massive amount in it but the 7625 short on the FTSE worked well. There wasn’t much of an initial dip across the board yesterday with Dax and S&P both staying strong ahead of NFP today, and the US/China tariffs starting today. Today in Asia has seen a muted response to the start of the tariffs so far, on $34 billion of Chinese imports to the US. China immediately said it would be forced to retaliate.
Chinese stocks have taken a beating in recent weeks, entering a bear market, as concerns about the trade war have mingled with worries about China’s ability to control its debt and maintain growth. U.S. stocks are up slightly more than 2 percent this year as investors have weighed the threat of trade frictions against the strong performance of the U.S. economy.
FOMC Minutes noted concern on trade policy risks but didn’t suggest anything that would likely swerve the Fed from its hiking path.
UK PM May is to unveil plans that involve UK agreeing to a formal treaty with EU post-Brexit that will tie the UK to Brussels rules on goods. Looking ahead, news highlights include US NFP, US trade, Canadian jobs, Baker Hughes.
FTSE 100 Trading Signals, Forecast and Prediction
A very tricky one to call today with NFP and the introduction of the tariffs. Quite surprising to see the markets up to start with, I thought we would be waking up to sub 7600.
There are a few key levels in play for today at the 7585 area 7543 below that as key, with the pivot at 7602 in there too. All look to be significant supporting areas from various indicators.
Bloomberg’s Asia Report here
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