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The FTSE 100 is struggling for a second successive session, investors seemed spooked by banking concerns Stateside with First Republic Bank shares getting slashed again, repeatedly hitting circuit breakers as the shares already down 90% have shed a further 50% during Tuesday’s New York session. 

Bucking the banking crisis concerns UK independent bank Standard Chartered put in stellar earnings with pre-tax profits surging by 21% smashing expectations and leading to a 2.1%+ day in the green. 

The counterintuitive trade of the day has been homebuilder Persimmon, who announced a 42% drop in new home completions, however, investors took solace from a trading update that suggests there has been incremental improvement since the beginning of 2023, this led to investors support for the stock with the shares popping 5.4%+ on the day, the upbeat guidance from Persimmon saw support for bedfellows Taylor Whimpey +3.4%+ and Barratt Developments up 2.9%+.

On the negative side of the ledger, GSK has been offered after reporting an adjusted profit of 37p per share on revenue of £7 billion which marginally exceeded estimates, however, GSK Chief Walmsley concerns regarding a review of EU pharma legislation which may see pharma firms forced to reallocate investment to alternative jurisdictions led investors to reduce exposure as the shares shed 3.3%+. Spirax-Sarco Engineering sits at the foot of the FTSE today shedding just over 5%, given investor concerns regarding return on equity and elevated profit retention suggesting concerns around future growth opportunities.

FTSE Bias: Intraday Bullish Above Bearish below 7820

• 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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