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FTSE inches lower ahead of the UK CPI data

FXStreet (Mumbai) - The UK Equity markets are trading flat today as investors await for the Consumer price inflation data, which will provide fresh cues regarding the Bank of England’s monetary policy stance.

The Ftse is trading 0.28% lower at 6349, marginally down from a day’s high of 6363.40. The gains in the index are capped by Oil and Gas stocks which are the biggest losers, down 0.84%. The fall in Oil and Gas stocks is expected as the Crude oil prices continue to slump. Meanwhile, Insurance and Banking stocks are down by 0.71% and 0.34% respectively. Lending support to the index are Mining and Industrial stocks which are up almost 2% each.

The investors will stay cautious ahead of the September consumer price inflation and retail sales, due at 8:30 GMT. CPI is expected to slow slightly to 1.4% year-on-year in September, from 1.5% previously, with the core reading also slipping to 1.8% from 1.9%. Retail Sales growth is also expected to slow slightly to 2.3% year-on-year in September, from 2.4% in August.

Ftse Technical levels

The index has an immediate support of 6316 (Oct 2013 low), while the immediate resistance is located at 6386 levels. Prices can fall to 6226 levels if the daily low of 6292 is taken out.

Italy Consumer Price Index (YoY) came in at -0.2% below forecasts (-0.1%) in September

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