FTSE 100 Drifts Lower on Elections and Brexit Uncertainty

FTSE 100 has drifted 0.30% lower today despite the pound slipping modestly. Investors are nervously awaiting to see the outcome of Boris Johnson’s third attempt to call a general election as he tries to break the Brexit deadlock.

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Boris Johnson is pushing for a December 12 general election and that is making the markets nervous. Furthermore, investors are also waiting for the EU to determine whether to grant the UK an extension to the Brexit deadline. Reuters reported earlier today that the EU may decide to extend the Brexit deadline in principle today, but without a date just yet.

Corporate earnings continue to bear market expectations. Both Barclays and WPP reported better-than-expected earnings, sending their shares higher.

All in all, FTSE 100 trades 0.3% lower today as it tests the broken descending trend line. The price action also broke above the 200 DMA at 7273 but it was ultimately rejected by 100 DMA and 100 WMA, both sitting around the 7330 handle.

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FTSE 100 daily chart

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