25th Mar 2021. 7.45am
Regency View:
Morning Report – Thursday 24th March
FTSE to open at 6,698 (-14 pts)
Chinese tech stocks have dropped sharply overnight on growing concerns of possible delistings from US exchanges and reported plans by the Chinese government to take control of companies’ user data.
Hong Kong listed shares in Asian e-commerce site Alibaba were down more than 4% and shares in search engine Baidu dropped almost 9%.
Our Risk Barometer is painting a relatively neutral picture ahead of European trading with traders focused on this afternoon’s U.S. GDP and initial jobless claims numbers.
| S&P 500 | -0.55% | Bearish for UK stocks |
| Hang Seng | +0.12% | Neutral for UK stocks |
| Gold | -0.05% | Neutral for UK stocks |
| AUD/JPY | +0.46% | Bullish for UK stocks |
| US 10yr Yield | +0.45% | Neutral for UK stocks |
Whilst the FTSE did recover some of Tuesday’s losses during yesterday’s session, the futures failed to close back above the 6,705 broken support level.
6,705 once again becomes central to our trade planning for today’s session…
Should prices move swiftly back above 6,705 during the opening rotations, this would set the market up for a retest of the March highs. However, should the market continue to stall below 6,705 a retest of the ascending trendline (gold line) is the most likely scenario.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Allied Minds (ALM) |
| BBGI (BBGI) |
| Biome Tech (BIOM) |
| Ebiquity (EBQ) |
| Faron Pharma (FARN) |
| Funding Circle (FCH) |
| International Public Partnerships (INPP) |
| Lamprell (LAM) |
| Learning Technologies Group (LTG) |
| Regional Reit (RGL) |
| Robinson (RBN) |
| S4 Cap. (SFOR) |
| Safestyle Uk (SFE) |
| Secure Trust (STB) |
| SIG (SHI) |
| Surgical Innovations (SUN) |
| Tandem Group (TND) |
| Venture Life (VLG) |
| Interim Results |
| Genedrive (GDR) |
| Annual Report |
| Faron Pharma (FARN) |
| International Economic Announcements |
| (07:00) GFK Consumer Confidence (GER) |
| (09:00) M3 Money Supply (EU) |
| (12:30) Gross Domestic Product (US) |
| (12:30) Personal Consumption Expenditures (US) |
| (12:30) Continuing Claims (US) |
| (12:30) Initial Jobless Claims (US) |
Don’t have a Regency account yet?
Start receiving our actionable Market Alerts and Analysis with real-time email and SMS alerts throughout your trading day. Simply click below to create your account for free.
Create AccountAny Questions? Please feel free to call 0203 973 8007 or email us at info@regency.capital
Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.