FTSE 100 adds 0.22% at 7,264 recovering some of previous session heavy losses as investors digest the Fed decision and getting a hand from better Chinese manufacturing PMI figures. During the Asian trading session, the Caixin Manufacturing PMI came in at 51.7, topping expectations of 51 in October and 51.4 reading in September. The United Kingdom Manufacturing PMI came in at 49.6 topping expectations of 48.1 in October.
Nigel Farage the Brexit Party leader in his campaign launch pointed out that PM Johnson’s deal was not “true Brexit,” and urged him to reconsider the details of the deal. UK heads to general election in December that increases the uncertainty for the short term but might clarify the political situation for 2020.
On the technical analysis side, FTSE 100 rebounds today from weekly lows after the index tested the 50-day moving average at 7,255. The index formed a death cross pattern on October 10, as the 50-day moving average crossed below the 200-day MA giving a bearish signal for FTSE.