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On Thursday, UK shares ended a three-day losing streak, with the benchmark FTSE 100 index gaining 0.64%. Global equities found some relief as the recent bond market turmoil eased. RBC Wealth Management has upgraded British equities to 'market weight' from 'underweight,' citing green shoots in UK stocks and the pause in rate hikes from the Bank of England, which has weakened the pound and is benefiting FTSE 100 companies that rely on overseas income. The FTSE 100 has underperformed this year, but its valuation is more attractive than the pan-European STOXX 600. The FTSE 100's bias toward "old economy" industries like energy, mining, and banks positions it well when value stocks outperform growth stocks. 

On the positive side of the ledger today Imperial Brands shares rose 4.15% leaving them top of the blue chip index on the session following the announcement of a £1.1 billion ($1.34 billion) share buyback plan. The tobacco company's buyback program, coupled with a 9% dividend yield, has attracted the attention of income-seeking investors. Imperial Brands also noted that its trading for the year is in line with expectations and reiterated its forecast. In the second half of the year, net revenue growth for tobacco products improved due to higher prices helping offset a steeper volume decline. Despite this positive news, the stock is down approximately 24% for the year.

On the negative side of today's ledger JD SPorts fashion sits bottom of the index today shedding 2.3% even in the midst of positive commentary from research by Kantar, JD Sports is considered one of the most resilient retail brands in the UK. Despite the wider UK retail category experiencing a combined valuation decline of 17%, JD Sports has managed to outperform. This success is attributed to JD Sports' strong brand identity and reputation, as well as its ability to adapt to changing consumer habits and attitudes while staying true to its core values.

FTSE Bias: Bullish Above Bearish below 7455

• Below 7370 opens 7320
• Primary support is 7370
• Primary objective 7858
• 20 Day VWAP bullish, 5 Day VWAP bearish

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