Once again, red is dominating equity traders’ screens with the FTSE -20 at 5290 ahead of Chancellor Osborne’s Autumn Statement.
There are twice as many blue chip fallers as risers.
Sentiment is waning once again, as many investors expect him to announce that Britain is getting sucked further into the European vortex and a recession seems increasingly likely.
Basic materials are the worst performing sector, with Rio Tinto and Xstrata both down over 1%. However, these are not irrecoverable losses.
If European Finance Ministers can agree on details of the bailout fund though, we could see a reversal, and would expect the FTSE 100 to rally towards a resistance of 5360.
Article by Spreadex.
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