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20th May 2022. 7.44am

Regency View:

Morning Report – Friday 20th May

FTSE to open at 7,368 (+65 pts)

Stocks on Wall Street continued to slide yesterday, but did close off of their intra-day lows as buyers stepped in on a retest of last week’s lows.

Overnight in Asia, the Hang Seng has rallied after China cut its five-year loan prime rate (LPR) by 15 basis points in an attempt to boost its housing market.

This morning’s UK retail sales showed less of a contraction than the market had expected, dropping -4.9% in April year-on-year compared to -7.2% expected.

However, UK consumer confidence index fell 2 percentage points to minus 40 in May, its lowest since records began in 1974.

S&P 500-0.58%Bearish for UK stocks
Hang Seng+2.60%Bullish for UK stocks
Gold+0.30%Bearish for UK stocks
AUD/JPY-0.03%Neutral for UK stocks
US 10yr Yield-45ptsBullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE come close to re-testing the May swing lows at 7,157 before mounting a relief rally which saw the market close some distance from its intra-day lows.

This long-tailed candle is a small bullish sign which may mark a short-term inflection point.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Investec (INVP)
National Grid (NG.)
Qinetiq (QQ.)
Royal Mail (RMG)
Q1 Results
Ab Ignitis. S (IGN)
UK Economic Announcements
(06:00) Retail Sales (Apr)
International Economic Announcements
(14:00) Consumer Confidence(May) PREL (EU)
Today’s Financial Diary

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