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U.K. shares declined on Monday, weighed lower by bankers who have been under pressures from Wednesday’s Bank of England’s stress results, and oil producers on mounting concerns that OPEC will fail to reach an output deal at a closely watched meeting later this week.
Energy companies were among the biggest decliners on the FTSE 100 index due to uncertainties over the outcome of the Organization of the Petroleum Exporting Countries meeting in Vienna on Wednesday.
Crude oil opened the first session of the week with a gap down after Saudi Arabia on Sunday showed signs of unwillingness to join such deal. According to the Saudi newspaper Asharq al-Awsat, Khalid Al-Falih, the Saudi oil minister on Sunday stated that “We expect demand to recover in 2017, then prices will stabilize, and this will happen without an intervention from OPEC,”. The kingdom also withdrew from talks originally scheduled for Monday with producers outside the 14-nation cartel.
Shares of BP PLC dropped nearly 0.8%, while Royal Dutch Shell PLC shed 1.21%.
Banks were also on the decline ahead of the Bank of England’s stress results due on Wednesday.
Shares of Royal Bank of Scotland Group and Barclays PLC lost 2.44% and 1.48% respectively. According to market sources, those two banks may risk a “soft fail” of tougher thresholds set for lenders deemed to be integral to the global banking system. Besides, Lloyds Banking Group LLOY slipped 1.3%.
Standard Chartered PLC contributed to the down side, sliding 0.84% after Reuters on Monday reported that the Asia-focused bank looked set to cut about 10% of its global corporate and institutional banking staff.
The rally in metal prices bolstered mining companies’ stocks. Shares of precious-metals producer Randgold Resources Ltd. added nearly 1% as gold and silver soared roughly 1%. Polymetal International PLC advanced 1.61% while Fresnillo PLC jumped 1.9%.
Fig: FTSE 100 index H4 technical chart
FTSE 100 index pulled back from the resistance at 6850.00. The price action fell below a pair of MAs again, suggesting a reversal into a downtrend. RSI has broken below the 50 line, which indicates an overwhelming bearish force. The price is anticipated to test the 23.6% retracement.
Buy Digital Put Option from 6790.00 to 6760.00 valid until 20:00 GMT November 28, 2016