12th Mar 2021. 7.46am
Morning Report – Friday 12th March
FTSE to open at 6,701 (-36 pts)
US stocks came within touching distance of all time highs yesterday as tech giants which had been hit over the last month started to bounce back. Tesla were up 4.7%, while Amazon and Apple gained more than 1.5%.
The ECB pledged to speed up its asset purchases to combat the recent jump in bond yields and this was welcomed by European stocks.
However, US bond yields have jumped higher overnight – causing Asian stocks to weaken and European equity futures to soften as we head towards the open.
|S&P 500||+1.04%||Bullish for UK stocks|
|Hang Seng||-2.01%||Bearish for UK stocks|
|Gold||-0.66%||Bullish for UK stocks|
|AUD/JPY||+0.02%||Neutral for UK stocks|
|US 10yr Yield||+2.37%||Bearish for UK stocks|
With the FTSE treading water above the 6,705 broken resistance / new support level, it’s a very similar scenario to yesterday’s pre-market analysis…
While the market holds above support, the next logical level to move towards is the February highs at 6,800.
|UK Economic Announcements|
|(07:00) Gross Domestic Product|
|(07:00) Index of Services|
|(07:00) Manufacturing Production|
|(07:00) Balance of Trade|
|(07:00) Industrial Production|
|International Economic Announcements|
|(07:00) Consumer Price Index (GER)|
|(10:00) Industrial Confidence (EU)|
|(13:30) Producer 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.