FTSE 100 futures fall further in post UK budget trade

All the three major European stock market indexes closed lower yesterday afternoon. Perhaps the one most in the spotlight was the FTSE 100 because of the UK budget. Well, the FTSE did not react so well to all that was unveiled there. That said, the UK benchmark was not the worst performer on the day, but it could so easily have been the best. The problem was the detail of the UK budget has led to higher bond yields, as the markets more fully digest the implications of all the new  financial measures announced. That has hampered the UK stock market as much as it has the Pound. In fact, more so. Hence, the FTSE extended further its break below the 100 day moving average (still in place at 8,243) and closed pretty much on session lows (8,153), at 8,159. There will surely be more to add on all this today. The next major support is now looming closer and that is the 200 day moving average (8,079). The FTSE 100 has not traded below that since February 14. The index is just now priced to effectively reopen at around 8,135