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FTSE 100 Eyes Brexit Plan B, Record Chinese Stimulus Raises Alarm Bells

FTSE 100 Eyes Brexit Plan B, Record Chinese Stimulus Raises Alarm Bells

Justin McQueen, Strategist

Equity Analysis and News

  • China Attempting to Cover the Cracks
  • Brexit Continues to Dictate

China Attempting to Cover the Cracks

Concerns are continuing to mount over a slowdown in China, particularly in a week where the PBoC has thrown a record amount of daily liquidity injections (CNY 1.16trillion) into the system with the Shanghai Composite showing very little for it. Of course, this is happening at a time ahead of the Chinese New Year, which tends drain liquidity. However, Chinese data continues to disappoint, most recently highlighted following the plunge in China’s imports and exports. As such, eyes will on Chinese GDP, which is expected to drop to its lowest level since the financial crisis at 6.4%. Although, despite this, improving trade relations between US and China may see sentiment dictate and lift Chinese bourses in the near term.

FTSE 100 Eyes Brexit Plan B, Record Chinese Stimulus Raises Alarm Bells

Brexit Continues to Dictate

Another week and focus yet again falls on Brexit for UK assets. The beginning of next week will see Theresa May lay out her Plan B to the house, as such, headline risk will continue to dictate sentiment. Given the recent performance in GBP following the meaningful vote, expectations are now for a somewhat of softer Brexit, while no-deal risks receding. FTSE 100 is back at crucial resistance, which coincides with the psychological 7000 level.

FTSE 100 Price Chart: Daily Time Frame (May 2018 – Jan 2019)

FTSE 100 Eyes Brexit Plan B, Record Chinese Stimulus Raises Alarm Bells

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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