The FTSE Finish Line – August 2 – 2023

The FTSE Finish Line – August 2 – 2023FTSE US Credit Rating Adjustment Weighs Risk Appetite UK's FTSE 100 index opened lower, before trading down by 1.35%, reaching a two-week low. The global risk sentiment was affected by ratings agency Fitch's decision to cut the United States' credit rating. Meanwhile, the FTSE 250 midcap index also declined.Despite the overall negative market sentiment, BAE Systems, the UK's largest defence company, saw its shares surge by 4.7%. This came after the company raised its full-year guidance for 2023, forecasting a growth of 10-12% in annual earnings per share.However, not all companies had positive developments. London-listed shares of Smurfit Kappa, Europe's largest paper packaging producer, fell by 3.0% after reporting a decline in first-half core profit to 1.1 billion euros ($1.21 billion).On the other hand, ConvaTec Group, a technology firm, experienced a 4.0% jump in its shares after raising its full-year guidance, potentially indicating a positive outlook for the company's performance.FTSE Intraday Bullish Above Bearish below 7650Below 7550 opens 7400Primary support  is 7400Primary objective 775020 Day VWAP bullish, 5 Day VWAP bearish