European Open: Gold hones in on the June high

Gold remains a favoured safety play as headlines continue to pour in relating to the Russia-Ukraine crisis.

Asian Indices:

Australia's ASX 200 index fell by -72.3 points (-1%) and currently trades at 7,161.30
Japan's Nikkei 225 index has fallen by -478.4 points (-1.78%) and currently trades at 26,432.47
Hong Kong's Hang Seng index has fallen by -795.53 points (-3.29%) and currently trades at 23,374.54
China's A50 Index has fallen by -308.65 points (-2.05%) and currently trades at 14,765.73

UK and Europe:

UK's FTSE 100 futures are currently down -58.5 points (-0.79%), the cash market is currently estimated to open at 7,425.83
Euro STOXX 50 futures are currently down -55 points (-1.38%), the cash market is currently estimated to open at 3,930.71
Germany's DAX futures are currently down -228 points (-1.55%), the cash market is currently estimated to open at 14,503.12

US Futures:

DJI futures are currently down -433 points (-1.27%)
S&P 500 futures are currently down -299.25 points (-2.14%)
Nasdaq 100 futures are currently down -65 points (-1.5%)

Russian troops have reportedly entered two of the breakaway regions in Eastern Ukraine, causing widespread outcry from global leaders and plans to impose sanction on Russia. Sentiment remains at the whim of Russian headlines today and likely the rest of the week.

It was another sea of red for equity markets overnight with the Hang Seng leading the declines. Gapping lower by around -% and continuing lower, the HSI is on track for a -3% loss during its worst session since September. US futures all point lower with Nasdaq E-mini futures contract currently off by around -2.2%. The FTSE is the only index we track which hasn’t fallen over -1% (yet).

FTSE 100 probes trend support

As the FTSE has been the least effected by the recent selloff of global equities, it may be an outperformer should sentiment magically turn around. We can see on the four-hour chart that it remains within a rising channel and has pulled back to the lower trendline. However, if bulls fail to regain control then we would look for a break beneath 7420 to signal its next leg lower, which would then see us target the lows around 7300 which is the base of a rising wedge pattern.

FTSE 350: Market Internals

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