Macro summary
The Markets are focused on Friday’s US core personal consumption expenditures (PCE) inflation data, expected to hold at 2.9%, while a heavy slate of Fed speakers, including Jerome Powell, will provide guidance after last week’s rate cut.
In Europe, attention turns to flash PMIs, Germany’s Ifo survey, European Central Bank (ECB) inflation expectations, and consumer confidence, while the Riksbank may cut rates and the Swiss National Bank (SNB) is set to hold steady.
Asian markets traded mixed overnight, with Japan and Taiwan higher but India weaker on US visa concerns, and Wall Street ended last week at record highs as investors anticipate gradual further easing into year-end.
FTSE 100 weighs on support
Last week’s decline in the FTSE 100 has taken it to Wednesday’s low at 9,177 above which minor support can be spotted in the 9,200-to-9,196 region.
Were these levels to give way, the 55-day simple moving average (SMA) at 9,170 may be reached ahead of the 9,100 area.
Were the 9,200-to-9,196 minor support zone to hold, though, the highs seen in the second half of last week at 9,244-to-9,247 may be revisited. If bettered, the medium-term uptrend may resume.
