27th May 2022. 7.41am
Morning Report – Friday 27th May
FTSE to open at 7,551 (-14 pts)
Stocks on Wall Street were buoyed by strong earnings from domestic retailers Macy’s and Dollar Tree, easing concerns that consumer spending was slowing.
The S&P 500 rallied nearly 2% higher, taking the market up towards last week’s swing high at 4,105 – a key level of resistance.
Overnight in Asia, stocks have mirrored the improved risk appetite on Wall Street with shares in Hong Kong and Japan rallying.
|S&P 500||+1.99%||Bullish for UK stocks|
|Hang Seng||+2.02%||Bullish for UK stocks|
|Gold||+0.16%||Neutral for UK stocks|
|AUD/JPY||+0.31%||Bullish for UK stocks|
|US 10yr Yield||+8pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE press higher – closing above Wednesday’s small bearish reversal candle and taking the market up into the descending line creating from the April and early-May swing highs.
|International Economic Announcements|
|(12:30) Core Personal Consumption Expenditures – Price Index (YoY)(Apr) (US)|
|(12:30) Personal Income (MoM)(Apr) (US)|
|(14:00) Michigan Consumer Sentiment Index (May) (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.