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U.K. stocks turned lower in the afternoon session on Tuesday. After opening 0.6% higher following the positive sentiment resulting from the Clinton victory over rival Donald Trump in the first presidential debate, the FTSE 100 index reversed lower under the pressure of a decline in bank shares and falling oil prices.
Crude oil prices continued to plunge after OPEC’s major members Iran and Saudi Arabia said that the meeting between OPEC members and other heavyweight producers such as Russia in Algiers this week is only “consultative”. Both countries played down expectations for an output freeze deal at the closely watched informal meeting on Wednesday, shifting expectations towards the formal OPEC meeting scheduled for November.
The index is on track for a third straight session of declines. Shares of oil majors BP PLC were down 0.65% and Royal Dutch Shell PLC RDS “A” and RDS “B” slid 1.88% and 1.90%, respectively.
Meanwhile, bank shares declined in sympathy with a drop in Deutsche Bank and other financial companies over in the European markets. Shares of Royal Bank of Scotland PLC plummeted 3.04%, with investors fearing that it may also face a penalty of as much as £9 billion ahead of settlement talks over issues similar to those involving Deutsche.
Like other major British lenders, RBS has faced lower revenue from lending after the Bank of England slashed interest rates in August in the wake of Britain’s vote to leave the EU on June 23. The bank said last month it would probably take longer than expected to reach the profitability targets set previously.
Other banking stocks experienced a similar rout. Shares of Barclays PLC were off 2.05%, and Lloyds Banking Group PLC shed 0.3%. Meanwhile, HSBC Holdings Plc rebounded 1.4 percent, registering its first advance in the last four trading days.
Wolseley PLC shares topped the list of losers today, falling nearly 4.0% after the company reported full-year profits that slightly missed expectations. The plumbing products and building materials distributor also stated that it expects to close about 80 branches. Up to 800 jobs will be lost as part of the restructuring.
The best performer on FTSE 100 index is Carnival Corp. The cruise-line operator reported the strongest quarterly earnings in its history on Monday and also raised its earnings per share projection for the fiscal year ending in November to a range between $3.33 to $3.37, compared with its previous forecast of $3.25 to $3.35.
Fig: FTSE H4 Technical Chart
FTSE has collapsed since last Friday, but the index has been vacillating strongly instead of nose-diving. However, the ADX index has slumped to below 20 – the level that confirms a trend being formed. The downside pressure seems strong as the price action has penetrated the two moving averages from above, and is currently placed below both the MA’s. The RSI index has slid to 39.33, which adds further weight to the weakness in prices and the possibility of further declines.
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