FTSE 100 Nears All-Time Highs With V-Shaped Recovery Since April Lows

The European Open

Following Asia’s trend, EUROSTOXX 50 and both rose about 0.1%, while and in the U.S. also pointed to a higher opening.

Looking at individual stocks and global healthcare stocks may be in for a bumpy ride this morning. Vaccine skeptic U.S. Health Secretary Robert F. Kennedy Jr. removed all members of a CDC vaccine expert panel.

This decision could cause delays for companies like GSK (NYSE:), Sanofi (NASDAQ:), AstraZeneca (NASDAQ:), Moderna (NASDAQ:), and BioNTech (NASDAQ:) in getting their vaccines approved.

UK Unemployment Rises to 4.6%

UK labor data was released this morning which saw the rise to 4.6% and wage growth slow to 5.2% ex-bonus. The news should be welcomed by the Bank of England (BoE) which is extremely divided on the path forward for monetary policy.

Doves will no doubt be buoyed by the data which saw hit a one-week low.

One of the more concerning comments from the UK Office for National Statistics was in regard to hiring practices in the UK. The Department stated “Some firms may not be recruiting new workers or replacing leavers.”

A comment that might concern UK workers as the unemployment rate rises. Will today’s data have a lasting impact on the decision at the June 19 meeting?

Economic Data Releases and Final Thoughts

Looking at the economic calendar, the rest of the day brings ECB policymaker comments and the Euro Area Sentix Investor Confidence report which could help provide insight into the mind of consumers.

The US-China trade talks will continue in the background with any shifts in volatility likely to come from the meeting if any comments are made or reports issued. Going off yesterday, though, both the US and China may want to keep their cards close to their chest and thus we may not hear much until concrete deals have been struck.

In the US, the calendar is quiet ahead of tomorrow’s inflation release. Any signs of lingering inflationary pressure could see market participants push back their expectations for , but any moves are likely to be short-lived in the current environment.

For a full breakdown and weekly market outlook, read Markets weekly outlook –

US-China Talks to Continue

Markets remain cautiously optimistic as US-China talks are set to enter their second day in the UK.

U.S. President Donald Trump spoke positively about the trade talks, which ended Monday night and were set to continue on Tuesday. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer were scheduled to meet again with Chinese officials.

Any progress in these talks could calm markets, as Trump’s changing tariff decisions and the ups and downs in U.S.-China relations have hurt the two largest economies, disrupted supply chains, and risk slowing global growth.

There has been little thus far to digest for market participants, with markets keen to hear more about deals on US tech exports to China and Chinese rare earths exports to the US.

Talks resume at 0900 GMT on Tuesday at Lancaster House.

Chart of the Day – FTSE 100 (UK100) Index

From a technical standpoint, the is showing similarities to the before the latter printed fresh highs. Is this a sign that the FTSE will follow suit?

Looking at price action and it is hard to argue.

The v-shaped recovery which began from the April 7 lows is now around 43 points from its all-time high print of 8914, printed on March 3, 2025.

Immediate support rests at 8781 which has held firm over the past 7 trading days. A break lower may eye 8700 and the 100-day MA at 8596 as further areas of support.

A move higher here will bring the all-time highs into focus with a break of the 8914 handle bringing the 9000 handle into focus. Do bulls have another push left before a correction?