See below for the latest developments in the FTSE 100, which has witnessed some big moves in an otherwise quiet day
Tesco – negative pressure seems to be building, the dividend is the company’s one hope of reinvigorating the share price, but so far there have been no developments on this. The investment community seems to be looking to sell rallies at the moment. A daily close below 223.80 – Friday’s low would be a bearish development that could open the way to 200p. We expect any recovery to be short-lived.
ITV: One of the biggest positive movers on the FTSE today, its share price is higher on the back of a report that Liberty Global is preparing a takeover. Traditionally a takeover target sees shares rise when it is approached by a buyer. If this story has legs then there could be further upside to come. Back when Astra Zeneca was approached by Pfizer its share price rose by nearly 30%.
HSBC: down more than 1% after celebrity fund manager Neil Woodford, said he was selling the bank’s shares on the back of potential fines for FX and interest rate market manipulation. Woodford seems to be getting in front of the curve with this one, if fines are doled out to the banking sector expect to see financial shares sell off, even rumours about the size of fines etc could spook the markets.
Of note, there has been a 30% drop in FTSE turnover today, probably because the US is out. Things should pick-up later this week.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.