23rd Sep 2022. 7.46am
Morning Report – Friday 23rd September
FTSE to open at 7,168 (+8 pts)
The Bank of England hiked rates by 0.5% yesterday, taking the base rate to 2.25%, the UK’s highest level since 2008.
While in European consumer confidence fell to a record low compounding concerns that the region’s economy will move into recession this winter.
On Wall Street, stocks edged lower as traders continue to digest the Fed’s hawkish stance to combat inflation and the yield on US 10yr Treasuries surged higher.
Overnight in Asia, stocks have followed Wall Street lower and the Bank of Japan has intervened to prop up the yen for the first time since 1998.
|S&P 500||-0.84%||Bearish for UK stocks|
|Hang Seng||-0.60%||Bearish for UK stocks|
|Gold||+0.17%||Neutral for UK stocks|
|AUD/JPY||-0.34%||Bearish for UK stocks|
|US 10yr Yield||+185pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE rally from the bottom of the long-term wedge (converging gold dotted lines) and then give up its gains during afternoon trading.
It remains to be seen if the FTSE can find a foothold at this confluent area of support.
|Euro Opps Tr. (EOT)|
|UK Economic Announcements|
|(00:01) GFK Consumer Confidence|
|(09:30) PMI Services|
|(09:30) PMI Manufacturing|
|(09:30) PMI Composite|
|International Economic Announcements|
|(08:30) PMI Composite (GER)|
|(08:30) PMI Services (GER)|
|(08:30) PMI Manufacturing (GER)|
|(09:00) PMI Composite (EU)|
|(09:00) PMI Manufacturing (EU)|
|(09:00) PMI Services (EU)|
|(14:45) PMI Services (US)|
|(14:45) PMI Composite (US)|
|(14:45) PMI Manufacturing (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.