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FTSE continues to slip
The index continues to edge lower, with little sign of fresh progress above 7050. Yesterday we saw 7024 provide some support, but it looks like we could see a bigger move down to 7000, with 6040 beneath that as the next area to watch.
Fundamental concerns may be playing a part, with the index trading at around 59 times forward earnings, versus 23 for the EuroStoxx 50 and 20 for the S&P 500. Bulls need to get the index back above 7050 to be in with a chance of breaking out above 7100.