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The FTSE 100 is leaking lower on the day as the industrial miners continue to melt in line with Copper prices which continue to drag on the sector, Glencore sits at the bottom of the table nursing losses of 3.5%+ followed by Rio Tinto 3.3%+ and Anglo American 3%+, Anglo has traded lower in sympathy with the sector even though the miner announced that first quarter production advanced by 9% aided by robust copper output from its Quellaveco mine. Associated British Foods is also having a tough day initially shedding over 4% on the session as the Primark parent reported a 3% decline in profits while maintaining a flat guidance for the remainder of the fiscal year, the shares have staged a comeback into the close halving the losses to just over 2%. Ahead of UK bank earnings investors have pared some risk exposure, Standard Chartered -2.5% and NatWest -2.4%, after the US banking crisis poster child, First Republic issued earnings below market expectations highlighting continued customer deposit outflows of over $100 billion in the first quarter as an ongoing concern.

On the positive side of the ledger Whitbread Plc sits at the top of table with gains of just shy of 5% on the session, shareholders cheered the Premier Inn owners return to pre-pandemic profit levels boosted by strong demand for accommodation. 

On the fundamental front, some marginal relief for manufacturers as the UK Confederation of British Industry’s industrial trends order book data posted unchanged at -20 for April in line with market expectations, as the business optimism component of index for manufacturer crept higher to -2 for the second quarter advancing from the -5 level seen in the prior quarter. 

FTSE Bias: Intraday Bullish Above Bearish below 7875

• Primary supportis 7635
• Primary objective 8030
• Below 7750 opens 7590
• 20 Day VWAP bullish, 5 Day VWAP bearish

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(Click on image to enlarge)

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