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FTSE 100, GDP Statistics Supported Stock Index Quotes

1/16/2023 1:38 PM

The leading index of the London Stock Exchange FTSE 100 shows an upward trend and is now at around 7858.0.

The UK stock market continues to grow, which was supported by the data of the report on the dynamics of the Gross Domestic Product (GDP), which in November added 0.1% on a monthly basis, while experts expected a decrease of 0.3%, and grew on an annualized basis by 0.2% instead of 0.3%. At the same time, the decline in Industrial Production by 0.2% MoM and 5.1% YoY was almost completely ignored by the market.

In turn, UK government bonds have begun to reverse and are declining relative to last week: the yield on 10-year bonds is 3.373% compared to 3.563%, 20-year bonds are traded at a rate of 3.796% after 3.988% a week earlier, and 30-year bonds are traded at 3.749%, which is inferior to 3.950% recorded in early January.

The growth leaders in the index are Rolls-Royce Holdings Plc. (+4.58%), Polymetal International Plc. (+3.49%), Just Eat Takeaway (+2.99%).

Among the leaders of the decline are Pennon Group Plc. (-4.17%), Fresnillo Plc. (-1.96%), Aviva Plc. (-1.66%).

On the daily chart, the index quotes continue corrective growth, remaining in the area of the resistance line of the rising channel.

Technical indicators are holding a buy signal, while excluding the possibility for a downward correction. The range of EMA fluctuations on the Alligator indicator continues to expand, and the histogram of the AO oscillator is forming ascending bars, being in the purchase area.

Support levels: 7780.0, 7620.0. | Resistance levels: 7900.0, 8050.0.

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