1st Oct 2021. 7.37am
Morning Report – Friday 1st October
FTSE to open at 7,007 (-79 pts)
Stocks on both sides of the Atlantic failed to hold onto their gains yesterday as fears of ‘stagflation’ continue to grow.
And the US dollar hit one-year highs as traders anticipate US interest rate rises. Despite the dollar strength, gold rallied 1.8% yesterday – signalling that risk aversion is increasing.
Looking ahead to today’s session, we have manufacturing PMI data from the UK, Germany, EU and US.
|S&P 500||-1.19%||Bearish for UK stocks|
|Hang Seng||-0.36%||Bearish for UK stocks|
|Gold||-0.16%||Neutral for UK stocks|
|AUD/JPY||-0.45%||Bearish for UK stocks|
|US 10yr Yield||-1.57%||Bullish for UK stocks|
Yesterday’s price action saw the FTSE fail to hold above last week’s highs – closing near intra-day lows and forming a bearish pin-bar candle in the process.
The FTSE futures have moved lower overnight and the cash market is set to open back at short-term support.
|UK Economic Announcements|
|(09:30) PMI Manufacturing|
|International Economic Announcements|
|(07:00) Retail Sales (GER)|
|(08:55) PMI Manufacturing (GER)|
|(09:00) PMI Manufacturing (EU)|
|(13:30) Personal Consumption Expenditures (US)|
|(13:30) Unemployment Rate (US)|
|(13:30) Personal Income (US)|
|(13:30) Personal Spending (US)|
|(14:45) PMI Manufacturing (US)|
|(15:00) ISM Manufacturing (US)|
|(15:00) Construction Spending (US)|
|(20:30) Auto Sales (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.