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26th Aug 2022. 7.37am

Regency View:

Morning Report – Friday 26th August

FTSE to open at 7,507 (+27 pts)

Stocks on Wall Street rallied yesterday as the US economy shrank less than previously reported in the second quarter and the labour market remained in robust shape…

The second estimate of US GDP was revised down to a contraction of 0.6% from its first estimate of a 0.9% decline – economists had predicted a decrease of 0.8%.

Overnight in Asia, stocks have followed Wall Street higher amid signs that the US and China are close to resolving a longstanding impasse over audits of Chinese companies.

S&P 500+1.41%Bullish for UK stocks
Hang Seng+0.67%Bullish for UK stocks
Gold-0.01%Neutral for UK stocks
AUD/JPY+0.10%Neutral for UK stocks
US 10yr Yield-79ptsBullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE initially rally from the bullish pin-bar which formed on Wednesday, only to give back more than half its gains during afternoon trading.

This indecisive price action is indicative is to be somewhat expected ahead of tomorrow’s speech from Fed Chair Jerome Powell at the Jackson Hole Symposium.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
International Economic Announcements
(07:00) GFK Consumer Confidence (GER)
(09:00) M3 Money Supply (EU)
(13:30) Personal Consumption Expenditures (US)
(13:30) Personal Income (US)
(13:30) Personal Spending (US)
(13:30) Balance of Trade (US)
(14:00) Fed’s Chair Powell speech (US)
(14:00) Jackson Hole Symposium (US)
(15:00) U. of Michigan Confidence (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.