FTSE 100

Key insight

10,754 holds as Europe sells off — FTSE's energy/mining weight benefits from Brent at $84.4, but a daily close below the 10,700 round number / 50-day MA zone would negate the defensive bid and expose 10,550.

Holds +0.24% at 10,754 while DAX, CAC and S&P 500 all fall 0.5%+ — defensive outperformance near all-time highs signals rotation into UK large-caps, not a directional breakout.

Main risk

GBP/USD strength eroding earner FX

GBP/USD at 1.3536 cuts the translated revenue of FTSE's dollar-earning multinationals; a move through 1.36 would materially pressure index EPS estimates.