23rd Sep 2021. 7.40am
Regency View:
Morning Report – Thursday 23rd September
FTSE to open at 7,126 (+43 pts)
So much for a taper tantrum! Wall Street rallied yesterday despite Fed chair Jay Powell signalling the US central bank could start withdrawing its stimulus programme as early as November.
New economic projections showed a majority of Fed officials expect to raise rates at least three times in 2023, and a growing number expect an earlier rate rise in 2022.
Stock markets shrugged off the hawkishness and the S&P managed to close back above key support, and Asian stocks have followed suit.
Our Risk Barometer has clean sweep of bullish indicators – signalling that sentiment is firmly ‘risk on’ as we head into the start of European trading.
| S&P 500 | +0.95% | Bullish for UK stocks |
| Hang Seng | +0.75% | Bullish for UK stocks |
| Gold | -0.25% | Bullish for UK stocks |
| AUD/JPY | +0.19% | Bullish for UK stocks |
| US 10yr Yield | -1.90% | Bullish for UK stocks |
The FTSE blast through multiple levels of resistance yesterday, creating a V-shaped recovery on the price chart.
This morning’s pre-open price action on the futures has seen the market continue higher and break above interim resistance at 7,092.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Dfs Furn (DFS) |
| Fonix Mob. (FNX) |
| Hansard (HSD) |
| Supermarket Inc (SUPR) |
| Interim Results |
| Arecor Therape (AREC) |
| Distrib. Fin. (DFCH) |
| Ebiquity (EBQ) |
| Eve Sleep (EVE) |
| Everyman Media (EMAN) |
| Gemfields Grou. (GEM) |
| Playtech (PTEC) |
| Safestyle Uk (SFE) |
| City Pub Group. (CPC) |
| Xeros Tech (XSG) |
| Xlmedia (XLM) |
| Trading Announcements |
| Investec (INVP) |
| UK Economic Announcements |
| (12:00) BoE Interest Rate Decision |
| International Economic Announcements |
| (13:30) Continuing Claims (US) |
| (13:30) Initial Jobless Claims (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.