FTSE 100 unchanged from Friday’s close, Wallstreet boosted by US GDP, BP jumps with Crude

Nick Batsford, CEO of Tip TV, was alongside Zak Mir, technical analyst for ShareProphets.com, and Keith Bowman, Equity analyst for Hargreaves Lansdown, when he opened the Finance Show on Tip TV to discuss a broad outlook on the global economy, including views on China, Indices, Oil and the US economy. China a gambling paradise? Batsford noted several facts concerning China, commenting how there are now over 400 billionaires in China according to Forbes. He continued and added how casinos have reported a halving of traffic from mainland China, meanwhile, there has been an increase of multiple 15 of Chinese broking accounts. To finish, Batsford outlined that there are around 90 million trading accounts in China, which now exceeded the number of members in the Communist party of 87 million. Index Outlook: FTSE unchanged from Friday close. S&P support at 1870 In terms of the S&P 500, Batsford highlighted how it had found support around the 1870 level, and is likely to test primary support at 1980/2000. He continued on to discuss the Dow Jones, coming to a view that a recovery above the 3300 level is on the cards. With the Nikkei 225, he believed that it would test the resistance at the 19000 mark. Bowman looked at China from perspective of the FTSE 100, and outlined that it has to work out the pace which the China economy is moving at. He identified that the FTSE 100 has remained unchanged from the close last Friday, meanwhile, he commented that despite China’s growth probably being exaggerated, but he maintained the belied that China is growing at a solid rae which is envied by many other global economies. Wall Street rallied on news of higher US growth After the release of US GDP second quarter figures around one month ago, revealing a growth rate of 2.3%, Batsford highlighted how this figure has been revised higher, leading to those in Wall Street rallying on the news, aiding Asia bounce higher today. On the other hand, he continued that data collected by Citi shows that a record $29.5 billion dollars were taken off the global equity table in the week to the 26th of August, with the US then Asia seeing the biggest withdrawals. In terms of the US rate hike, Bowman commented that he still feels like the Fed want to raise rates, following the good GDP news, but Batsford outlined the statement by Dudley which flagged the diminished chances of a rate hike in September in the US. BP jumps with Crude, whilst UK banks head down Mir moved onto Lloyds, where he highlighted how the government remains a seller in an attempt to completely leave its stake in the bank, and he sees it down towards 72p, the main support area. Barclay’s shares have dropped like a stone, and Mir noted that it is likely to head down to the 240 key level, but still has a chance to reach the 270 levels. Mir added his view on HSBC, with its breakdown continuing and a retest of the 480-490 level is likely. In terms of BP, Mir commented how the jump in crude oil has led to a near term buy opportunity with BP. Meanwhile, West Texas maintains the support level from January at $38, but he believes that it is not heading higher than $45 for the moment. Tip TV Finance is a live video show, broadcasted weekdays from 10 am sharp. Based in St Paul's, in the heart of the City of London, Tip TV prides itself on being able to attract the very best quality guests on the show to offer viewers informed, insightful and actionable infotainment. The Tip TV Daily Finance Show covers all asset classes ranging from currencies (forex), equities, bonds, commodities, futures and options. Guests share their high conviction market opportunities, covering fundamental, technical, inter-market and quantitative analysis, with the aim of demystifying financial markets for viewers at home. See More At: www.tiptv.co.uk Twitter: @OfficialTipTV Facebook: https://www.facebook.com/officialtiptv