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1st Jul 2022. 7.28am

Regency View:

Morning Report – Friday 1st July

FTSE to open at 7,133 (-36 pts)

With Q2 coming to a close yesterday, stocks on Wall Street confirmed their worst first half in more than 50 years…

The S&P 500 fell 0.88% yesterday, leaving the blue-chip index down by 20.6% in the first six months of 2022. Wall Street has not endured such a weak start to a year since 1970.

In commodities, crude oil is set for its third consecutive weekly loss as fears of a recession demand weighed on sentiment. And stocks in Asia have weakened overnight along with the ‘risk on’ Australian dollar.

S&P 500-0.88%Bearish for UK stocks
Hang Seng-0.62%Bearish for UK stocks
Gold-0.48%Bullish for UK stocks
AUD/JPY-1.58%Bearish for UK stocks
US 10yr Yield-75ptsBullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s break lower from Wednesday’s inside day pattern confirms a new inflection point at Tuesday’s high.

The market responded once again to the 7,157 area which has been used as both support and resistance in recent weeks.

However, short-term momentum is starting to turn bearish after last week’s gains.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Q3 Results
Oxford Technology Venture Capital Trust (OXT)
UK Economic Announcements
(08:30) UK S&P Global / CIPS Manufacturing PMI (Jun)
International Economic Announcements
(13:45) US S&P Global Manufacturing PMI (Jun)
(14:00) ISM Manufacturing PMI (Jun)
Today’s Financial Diary

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Disclaimer:

This research is prepared for general information only and should not be construed as any form of investment advice.