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Ftse declines with the rest of the European markets

FXStreet (Mumbai) - The UK equity markets have inched lower today tracking the weakness in the other European equity markets.

The Ftse is trading lower by 0.54% at 6276, down from the day’s high of 6318.90. The index has been weighed down by Energy stocks which remain under pressure due to the slump in the Crude oil prices. The oil field service provider Petrofac is the biggest loser so far, down by 2.69%. Meanwhile the Oil and Gas exploration company, Tullow Oil, has weakened by 2.00%. Lending some support to the index is the supermarket operator Tesco, which is up by 2.33%. Elsewhere, the Dax is trading almost 1% point lower today.

Moreover, European stocks have declined despite the fresh easing talks in the Eurozone. Last week, ECB official Ewald Nowotny said the bank still has leeway for more action to address slowing inflation in the euro area and added that quantitative easing would start as soon as December.

Ftse technical levels

The index has an immediate resistance of 6318 (day’s high), above which the prices can rise to 6400 levels. On the other hand, a breach of the immediate support level of 6226 shall push the index down to 6100 levels.

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