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The FTSE is trading in the red as we head towards the close of trading this afternoon, following the Fed’s lead the European Central Bank raised rates by a further 25bps today, with ECB Chief Lagarde leaving the door open for additional rate hikes in subsequent meetings, the Bank of England will be on deck next week issuing their latest rate policy announcement next Thursday.

As industrial metals continue to trade with a subdued tone and overnight Chinese data doing little to inspire the Chinese re-opening narrative, weaker than anticipated consumer demand data further dented sentiment leaving mining heavyweight Glencore sitting at the bottom of the index today nursing losses 6.4%+ on the day. 

On the positive side of today’s ledger is retail stalwart Next Plc as the firm reported a sales loss below analyst expectations as markets expected a 2% decline for the quarter the actual print was 0.7% with the business maintaining profit guidance for the fiscal year ahead, however, the firm was keen to stress it was still early days, nevertheless investors cheered the uptick in performance with a 3.62% gain on the day. Chasing Next for the top spot on the day are wealth manager Hargreaves Landsdown who reported a decent rise in quarterly assets under management to 132 billion GBP as of the end of March 31st versus 127.1 billion GBP in the prior quarter, investors rewarded the stock with gains of 1.95%+ on the session, this comes as fellow wealth manager St Jame’s Place sits close to the bottom of the index as shares slide over 6.3% heading into the close.

FTSE Bias: Intraday Bullish Above Bearish below 7700

• Below 7700 opens 7660
• Primary supportis 7635
• Primary objective 8030
• 20 Day VWAP bearish, 5 Day VWAP bearish

(Click on image to enlarge)

(Click on image to enlarge)

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