The FTSE 100 index was notably more resilient than its European and Asian peers last week, benefiting from its defensive, energy, and financials-heavy composition which acted as a natural hedge against the AI-driven tech rout. The +2.0% weekly gain was driven primarily by energy strength, sterling weakness, and selective earnings beats which took the index to a fresh 10-week closing high despite all of the geopoloitical uncertainty.
- We remain bullish towards the FTSE, targeting a break above 11,000.
MM is bullish towards the FTSE around 10,700
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