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FTSE driven lower by Supermarket stocks and banking stocks

FXStreet (Mumbai) - The UK equity index, Ftse, retreated due to a fall in the Supermarkets stock prices and banking stocks.

The Ftse is trading 0.48% lower at 6595.30, compared to the previous session’s close of 6627.40 levels. The index breadth is negative with an advance decline ratio of 20:80. Sainsbury’s shares declined 4.31% after it reported half-year loss. Meanwhile, shares in Tesco fell 2.6%, while Morrisons declined 0.75%.

Banking stocks fell after UK and US regulators fined five banks a combined GBP 2 billion for an attempted manipulation of the exchange rate. Shares in HSBC and RBS, the two banks fined by regulators, retreated 1% and 0.4% respectively.

Meanwhile, the GBP/USD pair fell to 1.5820 levels after the Bank of England quarterly inflation report stated that the inflation could fall below 1% in next 6 months.

Ftse Technical Levels

The index has an immediate resistance at 6633, above which the prices can rise to 6658 levels. On the flip side, the index may fall to 6560, if the immediate support at 6587 is breached.

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