FTSE 100

Key insight

10,722 holds above 200-day MA but stalls 178pts below the 10,900 swing high; a weekly close under 10,700 reopens a test of the 10,550 Fibonacci 38.2% level.

10,722 sits between 200-day MA (~10,650) and 2026 swing high at 10,900 — no directional conviction with European peers DAX -0.3%, CAC -0.5% all fading into the weekly close.

Main risk

Brent Crude at $98 — cost-push inflation risk

98.3 Brent keeps BOE rate-cut timeline uncertain; energy input costs pressure non-oil FTSE margins and push gilt yields higher.