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Ftse drifts lower

FXStreet (Mumbai) - The news that Japan fell into a recession in the third quarter, dragged the major European equity indices, including the Ftse lower on Monday morning.

The Ftse traded 27.87 points or 0.42% lower at 6627.50 at the time of writing. The index breadth is negative with an advance decline ratio of 24:76. Among the index stocks, Aglo American is the biggest gainer , up 1.9%, followed by ARM holdings, up 1.5%. Meanwhile, the biggest loser was Weir Group, down 4.33%. The supermarket stocks like Sainsbury and Tesco also traded weaker by 1.5% each. Tullow Oil fell 1.07% as the Crude prices continue to remain weak.

The sentiment was hit by a weak Japanese data and UK prime minister David Cameron’s statement that there were warning signs that the global economy faced "instability and uncertainty".

Ftse Technical Levels

The index has an immediate resistance at 6654, above which prices may rise to 6726. Meanwhile, support is seen at 6588 and 6559 levels.

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