FTSE 100 rises but tech stocks fall back

Chris Beauchamp IG

Tech weakness has held back the S&P 500 and Nasdaq, but in London the FTSE 100 has continued its gains, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

FTSE 100 makes gains

The FTSE 100’s day has been dominated by the weak outlook from JD Sports, which has sent the shares diving 16%, and the solid update by Halma, which has gained over 5%. But the updates from one of its flashiest members and also one of its more staid constituents has had little overall effect given their small weighting. Bigger names like Shell, bolstered by a rising oil price, have had more effect on a day that has seen a continuation of the index’s recent strength.

Alphabet drags Nasdaq lower

Antitrust worries have resurfaced for Alphabet, after US regulators pushed for the giant to divest its Chrome search engine. Combined with last night’s Nvidia earnings, which surprisingly failed to lift a stock that has gained 50% in almost three months, the news has been enough to prevent the Nasdaq and S&P 500, with its heavy tech weighting, joining in the gains by the Dow and the small cap Russell 2000. Crypto stocks like Coinbase have also suffered a check after recent strong gains.

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Chris Beauchamp

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.