EQUITIES: Trend Set-Up in Eurostoxx 50 Futures Remains Bullish
The trend set-up in Eurostoxx 50 futures remains bullish and the contract traded to a fresh short-term cycle high yesterday. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5355.64, the 50-day EMA. The dominant uptrend in S&P E-Minis remains intact and the latest shallow retracement is considered corrective. Moving average studies are in a bull-mode position, highlighting a clear uptrend. A resumption of gains would pave the way for a climb towards 6523.63, a Fibonacci projection. On the downside, supports to watch are; 6402.75, the 20-day EMA, and 6282.00, the 50-day EMA.
- Japan's NIKKEI closed lower by 657.74 pts or -1.51% at 42888.55 and the TOPIX ended 17.72 pts lower or -0.57% at 3098.91.
- Elsewhere, in China the SHANGHAI closed higher by 38.922 pts or +1.04% at 3766.21 and the HANG SENG ended 43.04 pts higher or +0.17% at 25165.94.
- Across Europe, Germany's DAX trades lower by 92.87 pts or -0.38% at 24331.41, FTSE 100 lower by 13.65 pts or -0.15% at 9175.72, CAC 40 down 10.09 pts or -0.13% at 7968.99 and Euro Stoxx 50 down 6.46 pts or -0.12% at 5476.82.
- Dow Jones mini down 102 pts or -0.23% at 44896, S&P 500 mini down 13.25 pts or -0.21% at 6419, NASDAQ mini down 60 pts or -0.26% at 23408.5.
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UK DATA: ONS update on TLFS: Still aim for headline transition in November 2026
- The ONS has confirmed that the first TLFS survey took place earlier this month with a wave 1 sample size of 90,000 (note that there are 5 waves that make up the labour market data with households in each wave surveyed quarterly 5 times - once in each wave).
- Amongst the changes to the survey are the ability to complete it online and links via a QR code - which have pilots have shown "increased completion on mobile devices, particularly among younger respondents."
- The timings for the transition to TLFS haven't been updated since the last update in April (which is a positive after many times being pushed back):
- "The timing of transition to the TLFS remains an evidence-led decision, with a readiness assessment conducted in collaboration with our main users scheduled for July 2026."
- "We aim to transition to our published headline labour market statistics in November 2026, although this may extend into 2027 if our (or users’) assessment of quality requires more data to be collected and assessed."
- The full ONS release is available here: https://www.ons.gov.uk/releases/labourmarkettransformationupdateonprogressandplansjuly2025
