24th Jun 2022. 7.38am
Morning Report – Friday 24th June
FTSE to open at 7,057 (+37 pts)
Stocks on Wall Street held firm yesterday despite a sharp slowdown in eurozone business activity intensifying concerns about the health of the global economy.
However, the global slowdown was reflected on the bond market with US 10yr yields dropping for the second consecutive session (bond prices rallied).
In Asian markets, Hong Kong’s Hang Seng rallied more than 2%, lead by gains in tech giant Alibaba which is trading more than 6% higher today.
|S&P 500||+0.95%||Bullish for UK stocks|
|Hang Seng||+2.21%||Bullish for UK stocks|
|Gold||+0.04%||Neutral for UK stocks|
|AUD/JPY||+0.16%||Neutral for UK stocks|
|US 10yr Yield||-69pts||Bullish for UK stocks|
Yesterday’s price action saw the FTSE press down towards Monday’s swing lows.
We’ll be watching closely to see if this support level will hold, but momentum suggests we’re more likely to see a break lower towards the March lows.
|UK Economic Announcements|
|(06:00) Retail Sales (YoY)(May)|
|International Economic Announcements|
|(14:00) Michigan Consumer Sentiment Index(Jun)|
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This research is prepared for general information only and should not be construed as any form of investment advice.