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British Stock Market Remains Under Pressure

3/30/2023 12:24 PM

The leading index of the London Stock Exchange FTSE 100 is showing corrective dynamics and is now at 7574.0.

Yesterday's report on the activities of the British banking sector confirmed the low demand for borrowing. Bank of England's Consumer Credit fell from 1.686 billion pounds to 1.413 billion pounds in February, Mortgage Lending fell from 2.00 billion pounds to 0.74 billion pounds and Net Lending to Individuals declined from 3.7 billion pounds to 2.2 billion pounds. First of all, the reason for the negative dynamics is high interest rates and food inflation, which in March reached a record 17.5%.

In turn, bond yields began to rise again, with 10-year Treasuries trading at 3.4905% after hitting 3.3012% at the start of the week, and 20-year Treasuries trading at 3.8420%, up from 3.7175%.

The growth leaders in the index are Ocado Group Plc. (+7.66%), Prudential Plc. (+4.26%), M&G Plc. (+3.68%), Barclays Plc. (+3.53%).

Among the leaders of the decline are Next Plc. (-4.34%), Smith & Nephew Plc. (-1.10%), Pershing Square Holdings Plc. (-0.54%).

On the daily chart, the index quotes continue their local correction, remaining close to the last week's high at 7570.0.

Technical indicators are holding a sell signal that remains fairly stable: the range of EMA fluctuations on the Alligator indicator is still wide and the AO histogram is forming new corrective bars, being in the sales area.

Support levels: 7420.0, 7200.0. | Resistance levels: 7630.0, 7860.0.

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