12th Nov 2021. 7.39am
Regency View:
Morning Report – Friday 12th November
FTSE to open at 7,367 (-17 pts)
Stocks on Wall Street tread water yesterday, consolidating within Wednesday’s range as traders continue to digest this week’s surprisingly strong US inflation data.
While borrowing costs in the international junk bond market soared to a decade high as traders continue to price-in the impact of defaults from Chinese property developers.
| S&P 500 | +0.06% | Neutral for UK stocks |
| Hang Seng | +0.37% | Bullish for UK stocks |
| Gold | -0.18% | Neutral for UK stocks |
| AUD/JPY | +0.28% | Bullish for UK stocks |
| US 10yr Yield | +2.52% | Bearish for UK stocks |
We mentioned in yesterday’s Morning Report that a break above the inside day pattern would likely trigger a strong rally and this played out in text-book fashion…
After clearing Friday’s bonfire night highs, the market took off like a rocket, breaking through a pre-pandemic resistance level that we had highlighted in previous video analysis.
The futures have undergone a small pullback prior to the opening bell.
FTSE 100 Daily Rolling Futures – Key Levels
| Interim Results |
| Castings (CGS) |
| Intosol Holdin. (INTO) |
| Q3 Results |
| Astrazeneca (AZN) |
| Cablevision Ho. (CVH) |
| Ote Ads (OTES) |
| Electrica Regs (ELSA) |
| Romgaz S (SNGR) |
| International Economic Announcements |
| (10:00) Industrial Production (EU) |
| (15:00) U. of Michigan Confidence (Prelim) (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.