20th Aug 2021. 7.23am
Morning Report – Friday 20th August
FTSE to open at 7,069 (+10 pts)
US stocks tread water yesterday as expectations of tightening monetary policy and slowing global growth painted an underwhelming picture.
Brent crude, the global oil marker, broke and closed below key swing support yesterday as the US dollar hit its highest level of the year. For a technical outlook on oil please see yesterday’s Market Alert.
Overnight in Asia, the Chinese tech sell-off gathered pace after Beijing approved a strict data privacy law.
|S&P 500||+0.13%||Neutral for UK stocks|
|Hang Seng||-2.02%||Bearish for UK stocks|
|Gold||+0.40%||Bearish for UK stocks|
|AUD/JPY||-0.14%||Neutral for UK stocks|
|US 10yr Yield||-1.57%||Bearish for UK stocks|
The FTSE managed to claw back more than half its early session losses during yesterday’s session – showing that the bulls haven’t totally given up.
And yesterday’s low at 6,992 marks a short-term level of swing support that is worth noting on our price chart. Today’s close will likely set the tone for next week and a positive session is a must if the FTSE is to avoid posting its worst weekly loss since early June.
|Afarak Group (AFRK)|
|UK Economic Announcements|
|(00:01) GFK Consumer Confidence|
|(07:00) Public Sector Net Borrowing|
|(07:00) Retail Sales|
|International Economic Announcements|
|(07:00) Producer Price Index (GER)|
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This research is prepared for general information only and should not be construed as any form of investment advice.