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29th Jul 2022. 7.37am

Regency View:

Morning Report – Friday 29th July

FTSE to open at 7,383 (+38 pts)

Thursday’s US GDP data came in below analyst expectations as the world’s largest economy shrank for a second consecutive quarter…

A contraction of -0.9% on an annualised basis in the second quarter followed at -1.6% drop in the first three months of 2022.

The weak growth data prompted a late rally on Wall Street and a drop in US government bond yields as traders moved to price in less aggressive rate hikes.

While in Asia, Chinese stocks have sank lower as traders priced in the impact of a global recession.

S&P 500+1.21%Bullish for UK stocks
Hang Seng-2.37%Bearish for UK stocks
Gold+0.64%Bearish for UK stocks
AUD/JPY-0.66%Bearish for UK stocks
US 10yr Yield-90ptsBullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s indecisive price action initially saw the FTSE daily rolling futures drop back below resistance, before a late afternoon rally during US trading hours.

Should the market close the week above 7,361 resistance this would indicate the bulls are back in control.  

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Interim Results
HarbourVest Private Equity (HVPE)
Natwest Grp (NWG)
Morgan Advanced Materials (MGAM)
Intertek Group (ITRK)
Rightmove (RMV)
Jupiter Fund Management (JUP)
Croda International (CRDA)
Aib Group (AIBG)
Q1 Results
Mitsub.elec (MEL)
Trading Announcements
Glencore (GLEN)
Indust Reit (MLI)
Trackwise Desi. (TWD)
UK Economic Announcements
(07:00) Nationwide House Price Index
(09:30) Mortgage Approvals
International Economic Announcements
(07:00) GDP (Preliminary) (GER)
(08:55) Unemployment Rate (GER)
(09:30) Personal Spending (US)
(09:30) Personal Income (US)
(10:00) GDP (Preliminary) (EU)
(13:30) Personal Consumption Expenditures (US)
(14:45) Chicago PMI (US)
(14:45) 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.