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EURGBP TECHS

Trend Signals Remain Bearish

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Holding Onto Recent Gains

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  • Stock markets on both sides of the pond ebbed lower into the Friday close, with profit-taking and consolidation putting a lid on the S&P500. Markets sat just below the week's highs into the closing bell, but still held a decent gain on the week, despite fears surrounding China's Evergrande weighing on sentiment.
  • The latest reports suggested the Chinese government could be stepping in to ensure housing projects started by the troubled developer are built, stemming the risk of an immediate halt to economic activity. Nonetheless, US-based bondholders were without receipt of a payment due from the company on Thursday, possibly triggering the grace period that comes ahead of default.
  • The real estate sector undermined the S&P500, slipping close to 1% while energy and financials extended the week's rally.
  • Across Europe, France's CAC-40 and the EuroStoxx50 led losses, edging lower by just under 1% apiece.