French Industrial Miracle Saves the Day! European Markets Rejoice as FTSE 100 Rises.

Introduction:

Global markets faced pressure as Asian stocks declined, led by drops in Shanghai, Hong Kong, and Japan. Meanwhile, European shares closed lower due to concerns about impending rate hikes. In the US, Wall Street struggled with investor worries about interest rates and upcoming inflation data, resulting in mixed results for major indexes.

At the end of a challenging week, investors digested better than anticipated French industrial production data, which helped European stock markets push higher on Friday. FTSE 100 rose 0.1%.

FTSE 100 TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

• MA 5: 7452.99 | Positive Crossover | Bullish
• MA 20: 7436.41 | Positive Crossover | Bullish
• MA 50: 7478.04 | Positive Crossover | Bullish

Simple:

• MA 5: 7446.92 | Positive Crossover | Bullish
• MA 20: 7392.64| Positive Crossover | Bullish
• MA 50: 7471.46 | Positive Crossover | Bullish
  
  

RSI (Relative Strength Index): 53.94 | Buying Zone | Bullish

Stochastic Oscillator: 89.27| Buy Zone | Positive

Resistance And Support Levels :

• R1: 7505.1 | R2: 7715.3
• S1: 7369.6 | S2: 7206.0

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 7579.8 | Take Profit: 7710.6 | Stop Loss: 7486.4

Elsewhere in the Indices Market.

Asian stocks under pressure, dollar strengths.

The Shanghai composite is down at 0.18%. Overall, the Singapore MSCI up 0.28% to 281.75. Over in Hong Kong, the Hang Seng Index is down by 1.34% to 18,202.07. In Japan, the Nikkei 225 was down 1.16% to 32,606.84, while the Topix index was down 1.02% to 2,359.02. South Korea’s Kospi down 0.73% to 2,541.75. Australia S&P/ASX 200 is down 0.20% to, 7,156.70.

European markets closed slightly higher Friday, following U.S. stocks with tentative gains amid uncertainty over the inflationary outlook.

The DAX futures contract in Germany traded 0.14% higher, CAC 40 futures in France up 0.62% to 7,240.77 and the UK 100 futures contract in the U.K. up 0.49% to 7,478.19.

S&P 500 closes slightly ahead of US inflation data

All three of Wall Street’s major averages suffered weekly declines on Friday as investors fretted about interest rates and awaited the release of future U.S. inflation numbers. The S&P 500 ended the day slightly higher but way below its session high.

Indexes up: Dow 0.22%, S&P 0.14%, Nasdaq 0.09%.

Corporate News:

Tesla (TSLA) is down 1.19% at 248.50, Apple (AAPL) is up 0.35% at 178.18, and Morgan Stanley (MS) is up 1.29% at 84.92. JPMorgan Chase & Co (JPM) is up 0.77% at 143.83, Goldman Sachs Group Inc, (GS) is up 1.11% at 325.52.

Key Economic Events & Data Release for Upcoming Week:

(GDP) Average Earning Index + Bonus (Jul) on (Tuesday).

(GBP) Manufacturing Production (MoM) (Jul) on (Wednesday).

(GBP) GDP (MoM) (Jul) on (Wednesday).

(USD) CPI (MoM) (Aug) on (Wednesday).

(AUD) Employment Change (Aug) on (Thursday).

(EUR) ECB Interest Rate Decision (Sep) on (Friday).

(USD) Retail Sales (MoM) (Aug) on (Friday).

(USD) Initial Jobless Claims on (Friday).