12th Aug 2022. 7.42am
Morning Report – Friday 12th August
FTSE to open at 7,473 (-7 pts)
The S&P 500 edged lower yesterday having closed more than 2% higher on Wednesday.
While European electricity prices soared to record highs on Thursday, as the prolonged heatwave added pressure to power markets already under strain from Russia’s cuts to the continent’s gas supplies.
Overnight in Asia, Japan’s Nikkei 225 rallied more than 2.5% higher as markets reopened following a national holiday. And Hong Kong’s Hang Seng index made smaller gains as Chinese blue-chips weakened.
This morning’s UK GDP figure indicated the economy fell 0.1% in the second quarter of the year after rising 0.7% in the previous quarter.
|S&P 500||-0.07%||Neutral for UK stocks|
|Hang Seng||+0.34%||Bullish for UK stocks|
|Gold||+0.08%||Neutral for UK stocks|
|AUD/JPY||+0.51%||Bullish for UK stocks|
|US 10yr Yield||+103pts||Bearish for UK stocks|
Having looked like prices had broken clear of the inside day pattern, yesterday’s price action gave back all of Wednesday’s gains – forming a bearish two-bar reversal pattern.
|Flutter Ent (FLTR)|
|888 Holdings (888)|
|UK Economic Announcements|
|(07:00) Industrial Production|
|(07:00) Manufacturing Production|
|(07:00) Balance of Trade|
|(07:00) Gross Domestic Product|
|(07:00) Index of Services|
|International Economic Announcements|
|(12:45) ECB Interest Rate (EU)|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
|(13:30) Consumer Price Index (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.