European stocks open lower as China Q2 GDP disappoints
Outlook on FTSE 100, DAX 40 and Nasdaq 100 amid weaker-than-expected China growth data and ahead of plethora of U.S. earnings.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/BG_europe_ecb_european_central_bank_080980.jpg/jcr:content/renditions/original-size.webp)
FTSE 100 begins week on a weaker footing
Following last week’s FTSE 100 recovery on the back of softer U.S. inflation, the index is starting this week on a weaker footing as China’s GDP and retail sales growth disappoint. The index is expected to open around its 7,401 late June low below which the late March low can be found at 7,331. Key support for the medium-term trend remains to be seen between the 7,228 to 7,204 March and current July lows. If fallen through, the October 2022 high and November 2022 low at 7,104 to 7,071 could be reached. Resistance sits between last week’s high at 7,418 and the 7,433 May low. While this level caps, overall downside pressure should retain the upper hand.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/17072023UKX-Daily.png/jcr:content/renditions/original-size.webp)
DAX 40 slips on weaker-than-expected China growth
The near 5% rally from the current early July low at 15,455 to last week’s high at 16,187 has probably run its course with a retracement back to the 55-day simple moving average (SMA) at 15,980 being back on the cards as China’s Q2 GDP growth advances year-on-year by 6.3% but misses estimates of 7.3%, dragging Asian indices lower. The fall through Friday’s inside day low at 16,063 has short-term negative implications with the early June low at 15,886 representing a further possible downside target. Minor resistance sits at the 16,115 early June high and more significant resistance between the early and mid-July highs at 16,187 to 16,221. As long as this area caps, another down leg may be forming
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/17072023DAX-Daily.png/jcr:content/renditions/original-size.webp)
Nasdaq 100 mixed ahead of plethora of U.S. earnings results
The Nasdaq 100’s rally to levels last traded in January 2022 when it hit last week’s high at 15,722 is likely to lose upside momentum following disappointing Chinese growth data ahead of a plethora of U.S. earnings out this week. A slip through Friday’s 15,529 low would push the June and early July highs at 15,283 to 15,281 back to the fore. There the index should find at least interim support. A rise above 15,722 would open the way for the psychological 16,000 mark to be reached.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/17072023NASDAQ-Daily.png/jcr:content/renditions/original-size.webp)
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.