14th May 2021. 7.05am
Regency View:
Morning Report – Friday 14th May
FTSE to open at 6,988 (+25 pts)
US stocks bounced back yesterday, ending a torrid run of three consecutive losing sessions…
The relief rally in the S&P coincided with a weakening in bond yields as Wednesday’s inflationary fears dissipated.
Our risk barometer indicates a bullish backdrop to Friday’s early European trading.
| S&P 500 | +1.22% | Bullish for UK stocks |
| Hang Seng | +0.79% | Bullish for UK stocks |
| Gold | +0.03% | Neutral for UK stocks |
| AUD/JPY | +0.12% | Neutral for UK stocks |
| US 10yr Yield | -2.98% | Bullish for UK stocks |
We’ve mentioned several times this week that the April swing lows would be the most significant area of support, and this appears to be the case…
Having touched support earlier in yesterday’s session, the FTSE rallied with gusto to form a bullish hammer candle on the futures chart (below).
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Gulf Marine Services (GMS) |
| Q1 Results |
| Electrica Regs (ELSA) |
| Romgaz S (SNGR) |
| International Economic Announcements |
| (13:30) Retail Sales (US) |
| (13:30) Import and Export Price Indices (US) |
| (14:15) Industrial Production (US) |
| (14:15) Capacity Utilisation (US) |
| (15:00) U. of Michigan Confidence (Prelim) (US) |
| (15:00) Business Inventories (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.