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23rd Sep 2022. 7.46am

Regency View:

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+185ptsBearish for UK stocks
Regency Risk Barometer Snapshot

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.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
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)
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.