Morning Call by Traders University

The FTSE 100 ended the day in the red as investors saw more gloom than cheer in the torrent of company results, the index closed down 32 at 4,202. Over the next few days, it will be interesting to see if the 4000 level holds. If the support at this level fails, we will be looking at a potential run down to 3740. Rio Tinto is nursing the biggest loss of all FTSE constituents but it is difficult to ascribe all of the fall to the days announcements as many other mining stocks are deeply in the red also. The Dow opened the day yesterday by breaking through support at 7,850, then plummeted over 150 points. It eventually held firmly at the 7,700 mark and rallied over 200 points to the Close at 7932, 1 point away from where it opened. With the Dow Jones Industrial Average down 1.8% at last check, UK indices struggled to improve on morning losses. Better-than-expected retail sales figures in the US provided Wall Street with a reason for a short rally . In Forex news today the Euro zone is expecting the German Preliminary GDP at 07.00 GMT. Then at 14.55 GMT the USD Preliminary Consumer Sentiment is due. Both are forecasting worsening results. Day 1 of the G7 meeting commences today in Rome.