11th Aug 2022. 7.44am
Regency View:
Morning Report – Thursday 11th August
FTSE to open at 7,517 (+10 pts)
Yesterday’s US inflation data came in slightly below estimates, causing stocks on Wall Street to rally in anticipation of a more accommodative stance from the Fed.
US headline consumer prices rose 8.5% in July year-on-year, just shy of economists’ expectations of 8.7% – causing the S&P 500 to break above it’s May swing highs.
Asian stocks have followed Wall Street higher with Hong Kong’s Hang Seng index gaining more than 2%, erasing Wednesday’s losses.
| S&P 500 | +2.13% | Bullish for UK stocks |
| Hang Seng | +2.21% | Bullish for UK stocks |
| Gold | -0.31% | Bullish for UK stocks |
| AUD/JPY | +0.15% | Neutral for UK stocks |
| US 10yr Yield | +7pts | Neutral for UK stocks |
Yesterday’s price action saw the FTSE finally break and close above the inside day pattern, albeit in a slow and steady fashion.
The dominant momentum and market structure remains bullish.
FTSE 100 Daily Rolling Futures – Key Levels
| Interim Results |
| Network Intl (NETW) |
| Savills (SVS) |
| Derwent London (DLN) |
| Spirax-Sarco (SPX) |
| Empiric (ESP) |
| Pressure Tech (PRES) |
| Entain (ENT) |
| Empresaria Group (EMR) |
| Ocean Wilsons (OCN) |
| UK Economic Announcements |
| (00:01) RICS Housing Market Survey |
| International Economic Announcements |
| (13:30) Initial Jobless Claims (US) |
| (13:30) Producer Price Index (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.