Overnight summary
The Nasdaq 100 closed at a record high on Friday, lifted by Microsoft and Tesla, while the S&P 500 and Dow Jones slipped, as traders look ahead to a likely 25bp Federal Reserve (Fed) rate cut this week amid weakening consumer sentiment and soft labour data.
Asian markets opened cautiously with European indices likely to follow, with attention now turning to a series of major central bank decisions – including the Fed, Bank of England (BoE), Bank of Japan (BoJ) and Bank of Canada (BoC) – that will set the tone for global markets.
FTSE 100 targets record high
Last week the FTSE 100 managed to rally to 9,340, close to its August record high at 9,358, before coming off to 9,260. This level currently acts as support. As long as it holds, the recent highs remain in focus.
Were the 9,260 low to give way, however, the 5 September high at 9,253 would be in focus, together with the tentative April-to-September uptrend line at 9,227 and perhaps also the late July peak at 9,189.
