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FTSE edges higher amid growing recovery hopes, positive earnings

Fawad Razaqzada Fawad Razaqzada 27/04/2021
FTSE edges higher amid growing recovery hopes, positive earnings FTSE edges higher amid growing recovery hopes, positive earnings
FTSE edges higher amid growing recovery hopes, positive earnings Fawad Razaqzada
The FTSE edged higher in early European trade, after another record close on Wall Street last night. Sentiment remains positive towards global stocks as investors continue to expect a strong stimulus-fuelled and US-led economic recovery. Concerns over policy tightening has eased with major central banks insisting price rises will likely be transitory. That’s what the bulls on Wall Street are betting to hear again from the Fed ahead of the central bank’s much-anticipated policy decision on Wednesday.
 
Meanwhile, the pace of vaccinations in Europe has picked up sharply. A quarter of adults in the EU have now received at least one dose of a Covid-19 vaccine, according to European Commission President Ursula von der Leyen. That's a remarkable turnaround after supply issues with AstraZeneca and delays from Johnson & Johnson. Germany is stepping up its vaccinations programme. The European economic powerhouse is aiming to open vaccinations to all adults by early June, after a controversial lockdown law went into effect over the weekend. This explains why the euro is holding up well.
 
In so far as the FTSE is concerned, the U.K. index has been boosted additionally by positive company news this morning as earnings from the likes of BP and HSBC beat expectations. Oil prices have rebounded, helping to support energy names despite concerns about the upsurge in Indian COVID-19 cases and its implications on crude demand.
 
  • BP's first-quarter profit more than tripled from a year-ago period to $2.6 billion. This is thanks mainly to the big oil price gains and bumper revenue from natural gas trading. HSBC also produced better-than-expected profit for the quarter. The lender released $400 million it had set aside to cover pandemic-induced bad loans.
 
  • But it wasn’t all positive news, as Premier-Inn owner Whitbread reported an annual loss of
  • about $1.4 billion, sending its shares nearly 2% lower. The pandemic destroyed travel for most of 2020, but the company says it expects a "significant" bounce in leisure demand this summer.
 
The FTSE remains supported from a technical point of view, as it continues to make higher highs and higher lows. The FTSE’s desire to get back above 6960 this morning following the recent drop means the sellers have lost control again. They had a good chance on Thursday to push the index down further but failed as the 21-day exponential moving average held. Since then, the index has printed positive closes on two consecutive days, eroding the bearish control. So, I reckon the path of least resistance remains to the upside and as such I am expecting to see more gains in the days to come (provided there are no fresh bearish fundamental stimulus)

FTSE
Source: ThinkMarkets and TradingView.com

Here is what’s coming up
 
Tuesday
 
  • Earnings: AMD, Microsoft, Google, Visa, Texas Instruments, GE and Starbucks
 
Wednesday
 
  • Data Aussie CPI, Canadian retail sales
  • FOMC statement and press conference
  • Earnings: Apple, Facebook, eBay, Qualcomm, Boeing
 
Thursday
 
  • Data: German CPI and unemployment change; US Advance GDP estimate and jobless claims
  • Earnings: Amazon, Twitter, McDonalds and Mastercard
 
Friday
 
  • Chinese manufacturing PMI
  • Eurozone data dump, including CPI and GDP estimates
  • Canada monthly GDP
  • US PCE Core Price Index, personal income and spending
  • Earnings: Alibaba, Exxon Mobil and Chevron
 
Click HERE to read our week ahead preview in full, including comments on the US technology sector and the upcoming FOMC meeting.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Meet our contributors
Fawad Razaqzada
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Fawad Razaqzada
Market Analyst, London

Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Kearabilwe
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Kearabilwe Nonyana
Market Analyst, South Africa

Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives. His career in the financial markets has seen him hold various positions in global investment banks and global CFD and Spread betting firms. He has deep interest in using quantitative methods to help him understand and teach the fundamental drivers of asset prices.
 
 
 

Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.
Kearabilwe
Kearabilwe Nonyana
Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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