FTSE on track for lowest weekly close in 7

The final trading day of the week has seen some further weakness in the FTSE 100 with the index languishing near its lowest level since September and on course to post its lowest weekly close in 7 weeks. The pound had been making steady progress throughout the Asian session and European morning with the largest gains coming against the antipodean currencies. However, there has been some selling seen in the past hour with the GBPUSD rate falling back below the 1.32 handle after earlier hitting its weekly high.

FTSE looks to bounce as sterling slides

The London open saw traders offer the FTSE back down close to its lowest levels of the week but the market managed to find support and has attempted to rise as the session has progressed. A slide in sterling has provided a boost to the blue-chips and with a strong session seen across the Atlantic in US stocks yesterday, the global risk appetite has improved somewhat. The NASDAQ ended Thursday at a record high and traders will be looking to see whether another positive US session can lift European stocks into the weekend.

Takeover talk benefits SKY

SKY is the biggest gainer on the day, with the stock rising by just shy of 3% amidst reports of buying interest from Comcast and Verizon. The duo are seemingly interested in buying 21st Century Fox’s 39% stake in the broadcaster as part of a wider purchase of assets, including Fox’s movie and TV production studios. The reports were released after 21st Century Fox’s stock had closed last night but traders are expecting a large move higher on this afternoon’s Wall Street open with the price called to open higher by almost 10%.

United Utilities fall on broker downgrade

The worst performing stock on the FTSE 100 today has been United Utilities, with the share price dropping by more than 3% after analysts at HSBC cut their rating on the water and sewage firm to “hold”. The latest negative development comes after a challenging year for shareholders with the stock price falling by around a fifth in the last 6 months and making a yearly low during today’s session. The downgrade can also be felt in rival firm Severn Trent which has also seen some selling today and has fallen by more than 2%.

Bitcoin makes yet another record peak

A push back above the previous high in the price of Bitcoin this morning has completed the recovery from recent declines, with the speed of recuperation impressive even by the markets own high standards. Last week saw a rapid plunge in the price of Bitcoin as the cryptocurrency fell by almost a third in just a matter of days after an eagerly awaited software upgrade was suspended. The implementation of SEGWIT2X had been seen as providing a much needed improvement in transaction speed and cost in the market and the failure to find a consensus amongst the Bitcoin community not only stopped this occurring but it also revealed deep factions that threaten to spark a crypto civil war. However, the swoon in price has failed to deter ardent Bitcoin bulls who have stepped in strongly to buy the dip and caused a stunning reversal in pushing price back up above prior highs and into uncharted territory. Major fundamental concerns remain as to the efficacy of Bitcoin but for now price remains in a strong uptrend and many observers experiencing FOMO (fear of missing out) are looking at any drops as buying opportunities.