European equities trading lower midday as investors selling risky assets after the US imposed a new round of sanctions on Iran. As of writing the DAX gives up 0.10 percent at 12,261, CAC40 is 0.17 percent lower at 5,512, the FTSE100 in London is down 28 percent at 7,395 as the earnings season kicks in. In Wall Street the futures indicate a weak start for shares in the other side of the Atlantic with investors focus turning to this weekend’s G20 Summit in Osaka, Japan. Citi yesterday upgraded Polymetal to ‘buy’, the ITV stock upgraded to ‘neutral’ at Macquarie while Experian was downgraded to ‘neutral’.
The FTSE100 keeps the bullish bias as the benchmark holds for sixth straight session above the 50 day moving average. On the upside immediate resistance stands at 7,465 the high from June 18, while extra offers will probably emerge around April high of 7,530. On the downside first support for the index is at 7,324 the 20 day moving average which if broken might accelerate the slide further towards 7.276 and the 100 day moving average.