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FTSE set to end week on a cheerful note

Fawad Razaqzada Fawad Razaqzada 11/06/2021
FTSE set to end week on a cheerful note FTSE set to end week on a cheerful note
FTSE set to end week on a cheerful note Fawad Razaqzada
 
  • FTSE breaks out as miners rise on firmer metal prices
  • Silver rallies on falling yields and dollar
  • Fed expected to stick to script despite 5% CPI
  • ECB was characteristically dovish   
European markets have opened higher this morning, with the FTSE finally breaking out after global stock indices rallied on Thursday, when the S&P 500 hit a new record high. Sentiment remains positive as major economies emerge from lockdowns, while central banks are still keen to maintain their emergency stimulus measures in place.

It appears as though the market is so confident that the Fed will maintain its current policy stance that even a 5% CPI inflation in the US didn’t scare the markets. With stocks rising, and both the dollar and yields falling, investors clearly believe that the Fed will still stick to script next week and e-iterate its view that the upsurge in prices is going to be temporary.

The drop in bond yields has boosted the appetite for all risk assets, especially low and zero-yielding assets such as growth stocks in the technology sector and precious metals. Gold and silver have both rallied, with the grey metal getting ever closer to that $30 handle. There’s little surprise to see silver miner Fresnillo being among the top risers on the FTSE today. Glencore and Antofagasta were also near the top of the winners on the FTSE today.  

The markets were also relieved to see a dovish European Central Bank. Christine Lagarde, the ECB President, said it is too early to discuss ending PEPP now, adding that the spread of virus mutations continues to be a source of downside risk. The central bank pledged to buy debt at a "significantly higher pace" than during the first months of the year.

The supply of freshly printed ECB money will undoubtedly find its way into other assets including precious metals and European stocks.

FTSE finally breaks out

FTSESource: ThinkMarkets and TradingView.com

After coiling for several days inside a narrowing range, the FTSE has finally resolved the consolidation by breaking higher. As a minimum, I think a rally to a new yearly high above May’s peak at 7168 is now on the cards. But the potential is there for the FTSE to go marching much higher over time, especially given the lengthy consolidation prior to today’s breakout. What the bulls wouldn’t want to see is for the index to go back inside the congestion zone later today as that would represent a failed breakout attempt.
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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