1st Jul 2022. 7.28am
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||-75pts||Bullish for UK stocks|
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.
|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)|
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This research is prepared for general information only and should not be construed as any form of investment advice.