Sunday 27th May 2018
Mike van Dulken and Artjom Hatsaturjants at Accendo Markets, commented to clients this morning: FTSE 100 Index called to open +45pts at 7760, rebounding from yesterday’s 7710 low to challenge the ceiling of 2-day falling channel from Monday’s record peak. Bulls need a break above 7780 to inspire confidence that a 2.5% correction sufficed to consolidate the 15% rally from late March. Bears require a break below 7750 to hint at a revisit of yesterday. Calls for a positive open come in spite of minor losses in Asia, where investors were skittish after President Trump cancelled the US-NK summit, blaming “open hostility”. However, North Korea has already offered an olive branch, saying “still open” to negotiations, helping Asian markets and Wall St pare losses. FTSE support derives from GBP weakness, reversing yesterday’s retail sales inspired jump, after Brexit talks broke down in acrimony in Brussels. UK ultimatums on unrestricted access to the Galileo satellite project were criticised as “fantasy”, the UK wanting membership benefits without corresponding responsibilities. BoE Governor Carney also warned last night that a disorderly Brexit might require another interest rate cut to support the economy. Despite geopolitical concerns, gold is off its “summit-cancellation” highs, pushed lower by fresh USD strength (world’s reserve currency and thus a safe haven of sorts), adding to reciprocal GBP weakness to help the FTSE. Energy may remain under pressure after oil traded lower on both a stronger USD and hints from OPEC and Russia about winding down voluntary production cuts to offset supply disruptions (Venezuela/Iran) --

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