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10th Jun 2022. 7.45am

Regency View:

Morning Report – Friday 10th June

FTSE to open at 7,428 (-48 pts)

The ECB surprised markets yesterday by signalling it was likely to raise rates by half a percentage point in September, in addition to an expected quarter point rise in July.

ECB President Christine Lagarde sought to counter concerns that the central bank is doing too little to fight record-high inflation.

European and US stocks weakened on the ECB’s hawkish tone while the US dollar strengthened.

Overnight in Asia, Hong Kong’s Hang Seng index erased early losses to trade flat on the day, while Japan’s Nikkei 225 mirrored the sell-off on Wall Street.

S&P 500-2.38%Bearish for UK stocks
Hang Seng-0.02%Neutral for UK stocks
Gold-0.18%Neutral for UK stocks
AUD/JPY-0.01%Neutral for UK stocks
US 10yr Yield+23ptsBearish for UK stocks
Regency Risk Barometer Snapshot

In yesterday’s Morning Report we indicated that the break below the inside day pattern was likely to setup a press down into 7,500 and that’s exactly what we got.

Prices are now back at the ascending line (gold dotted line) created by the higher swing lows that formed in May.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
International Economic Announcements
(12:30) US Consumer Price Index ex Food & Energy (MoM)(May) (USD)
(14:00) Michigan Consumer Sentiment Index (Jun) PREL (USD)
Today’s Financial Diary

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Disclaimer:

This research is prepared for general information only and should not be construed as any form of investment advice.