FTSE 100 slips as UK on brink of recession while DAX 40 flatlines
Outlook on FTSE 100 and DAX 40 ahead of Christmas holiday.
FTSE 100 slips as festive season approaches
After four consecutive days of gains, the FTSE 100 is heading back down again on profit taking ahead of the Christmas holiday. The fall is happening despite UK retail sales unexpectedly rising 1.3% in November compared to October, probably because the final reading of Q3 is showing that the UK economy is on the brink of recession A slip through Thursday’s low at 7,654 would engage the 10 August high and November-to-December uptrend line at 7,624 to 7,604. Were Friday’s intraday high to be exceeded, though, Thursday’s high at 7,709 could be reached ahead of last week’s 7,725 peak.
DAX 40 continues to flatline near all-time record highs
The DAX 40 continues to trade sideways below its mid-December record high, made marginally above the 17,000 mark while remaining above Wednesday’s 16,595 low. US durable goods, personal income, new home sales and the Federal Reserve’s (Fed) preferred PCE inflation gauge may provide some volatility later in the day. Were the 16,595 low to give way, the July peak at 16,532 could be revisited but should hold. A rise above Wednesday’s high at 16,811 would be bullish and probably lead to the 11 December high at 16,827 and at last Friday’s 16,889 high being reached. Further up lies the December all-time peak at 17,003.
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