15th Jul 2022. 7.41am
Morning Report – Friday 15th July
FTSE to open at 7,067 (+27 pts)
US bank earnings season got off to a weak start yesterday with JPMorgan Chase & Co and Morgan Stanley reporting a slump in profits and warning of an impending economic slowdown.
Analysts now expect aggregate S&P 500 Q2 earnings growth of 5.1%, significantly less than the 6.8% annual growth estimate at the beginning of the quarter, according to Refinitiv.
Overnight in Asia, the Hang Seng dropped more than -2% as China published its second-worst quarterly growth figure in 30 years…
The world’s second-biggest economy expanded 0.4% year on year in Q2, below the 1.2% forecast by economists, and down from the 4.8% recorded in Q1.
|S&P 500||-0.30%||Bearish for UK stocks|
|Hang Seng||-2.02%||Bearish for UK stocks|
|Gold||-0.31%||Bullish for UK stocks|
|AUD/JPY||-0.41%||Bearish for UK stocks|
|US 10yr Yield||+25pts||Neutral for UK stocks|
We mentioned in yesterday’s Morning Report that the market was coiling for a directional move and that’s exactly what we got…
The FTSE tumble to the bottom of the choppy wedge consolidation pattern which has been taking shape during the last month.
|Rio Tinto (RIO)|
|International Economic Announcements|
|(07:00) Wholesale Price Index (GER)|
|(10:00) Balance of Trade (EU)|
|(13:30) Retail Sales (US)|
|(13:30) Import and Export Price Indices (US)|
|(13:30) Retail Sales Less Autos (US)|
|(14:15) Industrial Production (US)|
|(15:00) Business Inventories (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.