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