26th Aug 2022. 7.37am
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||-79pts||Bullish for UK stocks|
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.
|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)|
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This research is prepared for general information only and should not be construed as any form of investment advice.