European Stocks Mixed; FTSE 100 Outperforms, While Banks Slump

FTSE 100

FTSE 100 is trading up 1.08% at 7399.80

European stock markets traded in a mixed manner Wednesday, with the FTSE 100, heavy with resources stocks, outperforming, while sentiment remained fragile as the conflict in Ukraine intensifies.

By 4:05 AM ET (0905 GMT), the DAX in Germany traded 0.9% lower and the CAC 40 in France dropped 0.8%, while the U.K.’s FTSE 100 rose 0.7%.

The war in Ukraine continues to rage Wednesday, with Russian troops now appearing to target Ukrainian cities as they advance on the capital Kyiv.

Russia is aiming to erase Ukraine, its history, and people, President Volodymyr Zelenskiy said in a video earlier Wednesday, calling for more international support.

Most of the European equity markets weakened Wednesday, following on from Tuesday’s sharp losses, but the FTSE 100 in the U.K. has outperformed, helped by the number of resource stocks in the index, with commodity prices soaring as the sanctions on Russia disrupt global supplies.

European banks have been hard hit as they attempt to cope with links to Russia and the impact of the severe sanctions imposed on the country’s lenders.

Russia’s largest bank, Sberbank, is leaving the European market, with the lender stating it’s no longer able to supply liquidity to its European subsidiary banks which were facing large cash outflows.

On technical fronts FTSE 100 RSI stood at 41.96 and currently it is trading below all MA. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : FTSE 100 – SELL: 7362.90, TARGET: 7320.10, STOP LOSS : 7410.30

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